Thursday, May 30, 2024

South Korean government approves construction of free trade zone of industrial hemp


It is reported that Dong’an City, located in gyeongbei province of South Korea, announced on July 6 that it would approve the opening of an industrial marijuana free trade zone. This special method will build a new regional specialized production zone through intelligent agriculture and high-tech bio industry solutions, and manage it through blockchain technology.

Recently, according to the foreign media “newspim”, Andong, South Korea, announced that it has been approved to operate a free trade zone for industrial hemp, and will conduct operation and management through a blockchain based platform.

At a press conference on July 6, governor of gyeongshang North Road, Li Zhe Yu, said the city was given a license to operate a special industrial marijuana free trade zone. The region will focus on creating a new mode of regional professional production through the implementation of intelligent agriculture and high-tech bio industry solutions.

Blockchain management of industrial hemp production

According to the foreign media “cointelleger”, the South Korean government has relaxed the 70 year old anesthesia law to allow industrial marijuana production in specific areas, and all operations will be handled by an undisclosed blockchain platform, which may be launched after the infrastructure of the Qingshan free trade zone is completed.

In the past, the hemp industry was only allowed to use textiles and seed extraction, but the new approach will enable the industrial sector to create a high-value biomaterial market through the industrialization of medical marijuana.

Through a blockchain based platform, the cannabis industry will provide a production line tracking solution that classifies products according to quality, origin and final destination, and improves safety and transparency to monitor the overall cannabis production system.

Governor Lee said of the special measure:

This special control zone has a different meaning from the existing special zone because it hopes to seek a reasonable industrialization plan for narcotic drugs. We’re going to grow further so that the company can write a new history.

Source link

Notify of

Inline Feedbacks
View all comments

Read more

Search more

Latest News