Melabis receives Letter of Intent from Laos
Letter of Intent signals move to legalise medical cannabis in Laos
Melabis announced that it has received the first LOI to cultivate and export medical CBD products derived from the cannabis plant, handed over from the government of Laos who are in the process of legislation to legalise medical cannabis.
This is a historic moment for the country and for the ASEAN region as Melabis becomes the first foreign entity to be granted permission to progress this emerging industry. The project will bring in up to 20 million USD in foreign investment and create over 100 higher paying jobs for local farmers.
Melabis values the country of Laos and is excited to help drive the economy positively and said they are very committed to corporate social responsibility with a percentage of the profits to be channeled into local villages, directly benefiting the people of Loas.
The LOI was handed over by Thongsay Sayavongkhamdy the governor of the SEZA and minister of planning and investment, to Christopher Henning Vice President of Melabis Laos.
Melabis founder, Damon Booth added, “This truly is a moment in history both for Melabis and for Laos. The government have worked closely with us for several months to ensure we are in line with their regulatory framework. We all know the benefits of medical cannabis and CBD and the explosion happening in the market. Laos can now be a leader in the ASEAN region and we can set the bar high with production and processing of this medicine.”
Jacky Ong, Melabis Laos President said, “This is an exciting time for the government of Laos and my people to bring an industry so fast moving and beneficial to the country”
Melabis CEO Andrew Corrieri commented, “This is the first in several strategic steps we are making globally to cover all verticals in the sector, we cannot wait to start!”
Christopher Henning also added “We are looking forward to working closely with other ASEAN neighbours also to expand the network and ability to trade this valuable commodity”
The Governor of SEZA finally added “We are very happy to welcome this industry to Laos and become leaders in the ASEAN region”