A wide range of Thai firms are investing in cannabis, seeking to be first movers in a budding multi-billion dollar industry in Asia after Bangkok legalised use of hemp and cannabidiol (CBD), a compound that doesn’t create a ‘high’, in consumer goods earlier this year. Says Reuters
Cosmetics makers, drinks companies and rubber products business are all now investing in developing domestic cannabis farming and products using the plant: importing hemp and derivatives is allowed only for research purposes. Only companies that are majority-owned by Thais can receive licences to use hemp, under government rules.
It’s a business that analysts at Prohibition Partners could be worth about $660 million in Thailand alone by 2024 – and about $8.5 billion across Asia. With Thailand having moved quicker than regional peers like Malaysia and Singapore – still debating legalisation – enthusiastic executives are embracing the chance to build a position of strength.