Rafarma Pharmaceuticals, Inc. (OTC: RAFA), is pleased to announce the commencement of negotiations with the government of the Kingdom of Thailand to use the company’s proprietary blockchain software developed by Aetsoft to manage regulatory control of the new cannabis industry in Thailand.
Thailand has approved the use of cannabis and kratom plants for medicinal use only, though use of recreational cannabis remains illegal. The lifting of restrictions related to medicinal use of both plants applies to production, import, export, possession and use. Purveyors, producers and researchers will require licenses to handle the plants, and patients will need prescriptions for medical purposes.
While the legal framework is still in the process of finalization, it is clear that the government will impose track-and-trace regulations in some form to be able to minimize unlawful diversion of cannabis products and enable regulators to monitor and ensure that all the proper taxes and fees have been paid by the responsible licensed entities.
As previously announced, Rafarma recently acquired utility blockchain software from Aetsoft (https://www.aetsoft.by/en/) for cannabis control applications. This utility blockchain software is completed and ready for deployment.
Rafarma and Aetsoft plan to assist the Thai government in implementing all appropriate regulatory controls necessary to manage the approved uses of cannabis and kratom in Thailand. This is extremely exciting time for the Company that comes with the opportunity to expand operations into Southeast Asia.
SOURCE: Rafarma Pharmaceuticals, Inc.