A group pushing for the legalization of medical cannabis has urged the Senate to fast-track Senate Bill 2573, the “Cannabis Medicalization Act of the Philippines” sponsored by Senator Robin Padilla, citing the significant potential revenue the bill could bring.

Rigel Gomez, president of Bauertek Farmaceutical Technologies, highlighted the financial impact during the weekly Kapihan Sa Metro East media forum organized by the PaMaMariSan-Rizal Press Corps.

“Legalizing medical cannabis has the potential to generate up to P40 billion annually in revenue,” Gomez stated. He explained that this revenue could come from both taxes on cannabis products and taxpayer remittances.

Gomez said the projected P40 billion in tax revenue would come solely from the sale of medical cannabis. Furthermore, additional studies suggest that cannabis production and export could contribute another P40 billion.

“The economic impact of legalizing medical cannabis is substantial,” Gomez said. “This revenue boost could significantly benefit the national treasury and support public health initiatives.”

The bill proposes legalizing medical cannabis to treat conditions such as epilepsy, chronic pain, multiple sclerosis, and chemotherapy-related nausea. Advocates believe that with swift legislative action, the Philippines could tap into this lucrative market and improve healthcare outcomes.

“We’re happy for its [government] support, but there are some politicians who are still trying to play it safe,” Gomez said.

“And we’re happy that we’re given a chance to explain the advocacy to them, and we hope that they know how this will help people. And if they stick to the plan, they join us and support us, then this bill will pass.”