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Thai cannabis market to grow to B43bn by 2025

    Thai cannabis market to grow to B43bn by 2025

    According to the University of Thai Chamber of Commerce, the combined market for hemp and marijuana in Thailand will grow by approximately 15% per year through 2025. It is expected to reach 43 billion Baht by 2025. This could create opportunities for small businesses and growers.

    To help boost the economy, the government decriminalized cannabis on June 9. This was to assist in agriculture, tourism, and wellness. However, there have been some citizen complaints and reports about substance abuse. Prime Minister Prayut Cha-cha formed a committee to evaluate the use and recommend new regulations.

    Thanavath Phonvichai (president of the university) stated that cannabis has the potential to be a major economic crop. This can produce a lot for growers as well as small and medium-sized enterprises. While many are concerned about potential misuse and health problems, they don’t oppose legalization because they see the economic benefits.

    The survey of 1,215 adults nationwide, which took place between July 5 and July 15, found that 78% have not yet tried cannabis.

    However, 64% of respondents said that they consider it a “harmful drugs”, 42% as a food ingredient, 35% as medicine, and 25% as an economic crop. Respondents could pick more than one answer.

    SOURCE: Bloomberg