In a signal that Asian investors are beginning to look over U.S. hemp companies, Colorado CBD maker C-Beyond Health said it has received an investment from Hong Kong-based multi-national Triple Ten Ltd, and is poised to move into Thailand as the regulatory environment clears.
While C-Beyond Health did not reveal the funding figure, CEO Scott Reese called the investment “significant.”
“We will reach more healthcare professionals in Asia, open the market for innovative cannabinoid-based product lines, and build new relationships with the highest levels of government in these markets,” Reese told HempToday of the company’s plans.
The funds from the Hong Kong investors will be used over the next year to keep up with the enormous demand for cannabis-based solutions, support ongoing product innovation, and generally probe new markets domestically and abroad, Reese said.
Triple Ten is a holding company with interests in healthcare, agricultural development, media, real estate, and resorts.
“The alliance between our two companies is strong, and we believe emerging markets like Thailand will play a large role in the global expansion of the company,” Thongchai Kolsrichai, Managing Partner at Triple Ten, said of the alliance.
Indicators good for Thailand
For Thailand, C-Beyond Health’s first international target, the indicators are positive. The country’s military government unanimously approved medical marijuana use at the end of last year. And there are already research centers set up in Rangsit University looking at the medical benefits of THC and CBD and over 100 other chemicals specific to cannabis plants. A pilot clinic in a Bangkok hospital is testing cannabis oil and other extracts to study their effects on diseases such as Parkinson’s, epilepsy and cancer.
In January 2017 a new law – backed by the country’s Narcotics Control Board – was approved and passed by the cabinet to legalize hemp with a THC level of 1% or lower for industrial and medical purposes. That’s well above the 0.3% limit observed around the globe, giving Thailand a distinct advantage.
Since the new law was enacted, any business may apply for a permit, grow and produce hemp and hemp-based products. Private companies will be able to grow hemp beginning in 2021, as only state and state sponsored enterprises may farm hemp in the first three years of the law being in effect.