The Ministry of Food and Drug Safety (MFDS) is now in the process of establishing detailed regulations on what exactly will be permitted when the law goes into effect.
Before the bill actually becomes a law, it will go through State Council deliberation, and will then need the signature of the President.
According to an MFDS spokesperson, importation of certain medical cannabis products could begin in the first half of 2019, however, nothing has yet been finalized. He says that more details will be released in the coming days.
What is known is that the revision will only allow for the importation of CBD.
Products that contain THC will still be strictly forbidden.
Change comes to Asia
Everything regarding medical cannabis in South Korea will be rigorously controlled by the Korea Orphan Drug Center, a government-run agency that is in charge of more specialized medicines.
In order to gain access to CBD, Koreans will be required to get a letter from their doctor that explains their condition and offers recommendation for it.
This letter will then need to be taken to Korean Orphan Drug Center for final approval and distribution to the said patient.
According to Shin, there were 38 arrests made in the first six months of 2018 of individuals who had smuggled CBD into the country.
Vijay Sappani, CEO of Ela Capital, a venture firm that studies emerging markets in the cannabis space says, “South Korea legalizing medical cannabis, even if it will be tightly controlled with limited product selection, represents a significant breakthrough for the global cannabis industry.
Now it’s a matter of when other Asian countries follow South Korea, not when.”