You have 0 items in your cart
Thai Cannabis Law
On Jan 29, 2021, the Thai Food and Drug Administration (FDA) had allowed individuals and private companies to register and acquire licenses of hemp for medical purposes, as well as for commercial in the textile, pharmaceutical and cosmetics industries.
Read This : New Law Article
On Feb 22, 2021, the Thai Food and Drug Administration (FDA) committee had approved a draft from the public health minister that places cannabis on that list, also allowing its use as an ingredient in food products such as oil extracts for food and supplements. Under the recently published notification from the Ministry of Public Health, hemp can be used as an ingredient in food products, including breakfast cereals, bakery products, beverages, snacks, butter and food supplements. Hemp seed and hemp seed protein can be used in supplements and hemp seed protein powder with a maximum THC limit of 2mg/kg and CBD at 3mg/kg is permitted under the rules.
- “Application and License for Production, Importation, Exportation, Selling, or Possession of Hemp, published in the Royal Thai Gazette late last year. This coincides with the release of Ministerial Notification: Use of Hemp in Cosmetics B.E. 2564 (2021), which allows the use of hemp and hemp-derived products for cosmetic products provided they contain less than 0.2% of THC by weight.”
Senior vice-president of a prominent Thai bank, Kasikorn Bank, said hemp will definitely be seen as a new cash crop for the Thai economy, citing products that use hemp as an ingredient as having strong growth potential. Stocks with a connection to hemp-related businesses have seen a persistent upward trend in demands this year as investors are confident on the future of the hemp industry in Thailand following its legalisation.
Read This : Traveling in Turkey
- Hemp is used in all kinds of products
- The legalisation of cannabis will greatly help Thailand
- Hemp extract for the domestic and international market
Hemp Business Worldwide
Although hemp business is quite new for Thailand, the upward trend in the Canada and United States of America is seen for the last 5-6 years. Globally, the value for products derived from marijuana and Hemp (CBD), was worth up to US$17.5 billion in 2019, and is expected to grow to $65 billion in 2027. As for the global industrial hemp market, it is projected to reach USD 4.748 billion in 2020, and accelerate to USD 18.608 billion by 2027. Hemp is used in all kinds of products, it is widely accepted on the global market which will be beneficial for Thailand’s struggling economy.
Since Thailand has always been recognised as an agricultural country and well-known tourist destination for foreigners, the legalisation of cannabis will greatly help Thailand’s struggling economy during the ongoing Covid-19 pandemic, especially for the agriculture and tourism sectors. Hence, cannabis will now be a potential cash crop for Thai farmers and regular citizens as another option of income.
Green Gold Venture has foreseen the advantages of Thailand in being able to be a leading operator in the cannabis industry on a global scale. With the collaboration of agribusiness and agritech companies, we have acquired international partners with knowledge and experience in this industry, along with their readiness for investment. Cooperation with license holder, public listed company as well as cultivation with community enterprises in various areas of the country, including the industry of raw materials and hemp extracts, as well as product development of consumer products containing hemp extract for the local and international market.
