Investment Monitor Article: High expectations surround Thailand’s new cannabis legislation

Investment Monitor Article: High expectations surround Thailand’s new cannabis legislation
CANNANNEW REPORT

This is what they are saying Known for its harsh anti-drug policies, Thailand became the first country in South East Asia to legalise medical cannabis in 2018, with the legislation passing in February 2019. Building on this, the new rules will allow the growing of plants at home in Thailand – after notifying local officials – but still punish the commercialisation of cannabis without proper permits. However, cannabis extracts with a concentration of tetrahydrocannabinol (commonly referred to as ‘THC’ and the compound that gives a high) of more than 0.2% will not be allowed. “The decriminalisation and delisting are more for household growers: people who aren’t looking to use the plant for transactional purposes but rather for personal consumption,” says Thanisorn Boonsoong, CEO of Eastern Spectrum Group, one of the leading companies in Thailand that cultivates cannabis for medical and wellness purposes. Cannabis looks promising for wellness tourism In 2020, 8.6% of Thailand’s GDP came from agriculture, forestry and fishing, according to the World Bank, while tourism accounted for up to 18% of the country’s GDP before the Covid-19 pandemic. Also before Covid-19, GlobalData predicted “health and wellness tourism numbers in Thailand will increase to 27.7 million by 2022, representing a compound annual growth rate of 5.6% from 2019”. It added that it expected the country to become a key destination within Asia for health and wellness tourism. Carl K Linn, a cannabis reform policy analyst and author of a newsletter on cannabis in Thailand, says that “there has been no opposition to legalisation anywhere. The government has promoted it and the public’s response has been positive without exception.” However, Linn adds that there is confusion on what the reform will look like in reality and that at the moment foreigners who possess cannabis will be arrested. This strengthens the argument that the government is mainly looking at giving a push to…

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Source : Investment Monitor Article: High expectations surround Thailand’s new cannabis legislation

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