Cannabis market in Thailand seen growing to $1.2 billion by 2025

KATHMANDU: The combined market for medical marijuana and hemp in Thailand will expand by about 15% annually through 2025, when it’s likely to reach 43 billion baht ($1.2 billion), creating opportunities for growers and small businesses, according to the University of Thai Chamber of Commerce.

Thailand decriminalization cannabis on June 9 to help kickstart the economy, particularly in the agriculture, tourism and wellness sectors.

But there have also be some citizens’ complaints and reports of substance abuse, prompting Prime Minister Prayuth Chan-Ocha to form a committee to assess usage and propose new regulations.

“Cannabis has the potential to become a key economic crop, which can generate a lot of income for both growers and small- and medium-size enterprises,” Thanavath Phonvichai, president of the university, said at briefing after the report was released.

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“While many people are quite concerned about misuse and potential health issues, they aren’t rejecting the legalization because they can also see the economic value.”

According to the survey of 1,215 people nationwide from July 5 to July 15, 78% have yet to try cannabis.

Still, 64% of those polled said they think of it as a “harmful drug,” 42% as a food ingredient, 35% as medicine and 25% as a new economic crop. Respondents could choose more than one answer. (Bloomberg)