Thailand has been attracting attention as an emerging market for cannabis. This article explores the country’s legal reforms and market growth trends. Let’s take a closer look at why Thailand’s emerging cannabis market is gaining recognition.
Cannabis Law Reforms
Thailand has shown progressive movement in the legal regulation of cannabis. In December 2018, the Thai government introduced laws to legalize the cultivation, manufacturing, and sale of medical and industrial cannabis. Furthermore, in June 2022, cannabis was removed from the narcotics list. The Thai government is also focusing on establishing regulations and guidelines to promote the growth of the cannabis industry, thus creating a legal framework. With these legal reforms, Thailand has become the most progressive cannabis-related country in Asia.
Market Growth Trends
Thailand’s emerging cannabis market is experiencing rapid growth, bringing income to cannabis cultivators and related companies. It is believed that this market growth will contribute to the country’s overall economic expansion. The market holds promise not only for medical cannabis but also for industrial cannabis, which can be utilized in a variety of applications such as hemp products and industrial raw materials. Additionally, Thailand’s geographical features and tropical climate make it suitable for cannabis cultivation. With the government’s support for cannabis cultivation, the cannabis market is expected to further thrive.
Diverse Industries
As the government started accepting registrations for commercial hemp use, various companies, including major food manufacturers and those dealing with food and skincare products, have entered the market. Cosmetics, in particular, are popular with skincare products that incorporate cannabis-derived ingredients. Creams, oils, masks, lip balms, and other products that leverage cannabis’s antioxidant properties and moisturizing effects have been developed. In the food industry, the development of products utilizing cannabis in food and beverages is progressing. Snacks, cookies, ice cream, chocolates, and other items made with cannabis seeds or extracts are being sold.
Conclusion
Thailand’s emerging cannabis market is gaining attention as a rapidly growing industry. The potential for cannabis-related businesses has expanded through legal reforms, and market growth is also anticipated. For investors and entrepreneurs, Thailand’s cannabis market presents an untapped frontier. The expanding cannabis market in Thailand is something to keep a close eye on in the future.