Asia Pacific’s leading licensed cannabis franchise group and largest cannabis retailer, Releaf Group Ltd, is pleased to announce the expansion of the group’s interest and brands into the Kingdom of Thailand where the company will establish its Releaf Dispensary franchise chain across Thailand utilizing a network of Thai traditional doctors. With a head office in Sukhumvit Bangkok, the Thai subsidiary will initially operate as a master franchise with two Releaf directors and four Thai directors. The company will also establish the International College of Cannabinoid Medicine, as well as opening a chain of MULL Cafes as medical consumption lounges with key local Thai partners under a Thai head-co called Releaf Dispensaries Company Ltd.
Founder and CEO of Releaf Group Ltd, Gary Mackenzie, has indicated that the cannabis market in Thailand has matured extremely fast after changes to legislation in June and presents an optimal commercial opportunity and timing for the company to expand and open its doors in Thailand and continue internationally with its turn-key retail franchise operations commencing in Bangkok in Q1 2023.
The combined market for medical cannabis and hemp in Thailand is expected to expand by approximately 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 decriminalised cannabis on June 9 to assist in kickstarting the economy, particularly in the agriculture, tourism and wellness sectors. “Cannabis has the potential to become a key economic crop, which can generate a lot of income for both growers and small and medium-sized enterprises”, Thanavath Phonvichai, president of the university, said at a briefing after the report was released. “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.”
Releaf Group has made the decision to move towards a more medically integrated and localised environment of GMP Thai products and recognised imported medicines with an initial pilot of clinic services in Bangkok, this will see the master franchise subsidiary having greater responsibility and control over tried and tested medical products being dispensed setting the company up for national expansion across the Kingdom into major cities including Phuket, Chang Mei, Pattaya, Koh Samui and Nakhon Ratchasima. The contract is expected to be awarded on or before January 2023.
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