Last updated on August 21st, 2024 at 06:50 am
• Why It Matters: The reclassification of cannabis as a narcotic could lead to significant economic losses for Thailand’s emerging cannabis industry.
• Driving The News: The Cannabis Medical Industrial Estate Association warns that reversing legalization could cause a 27-billion-baht loss.
• Zoom In: The reclassification would impact cannabis farms, shops, and Thailand’s reputation in the global cannabis market.
BANGKOK, THAILAND — Thailand’s cannabis industry is on the brink of significant economic turmoil, as the government considers reclassifying cannabis as an illegal narcotic. According to WISAN POTPRASAT, CEO of the Cannabis Medical Industrial Estate Association, this move could result in a 27-billion-baht loss, severely impacting both local farmers and businesses.
Wisan, also the president of the Community Enterprise Network of Western Herbal Alliances, warned that such a reversal would not only devastate domestic sales but also hinder Thailand’s position in the international cannabis market. He urged the government to consider regulations that would allow continued medical use of cannabis instead of reinstating its illegal status.
The potential losses include 7 billion baht from cannabis farms and an additional 20 billion baht from cannabis shops across the country. Wisan emphasized that this policy shift seems driven by political motivations rather than public health concerns. He pointed to the United Nations’ recent decision to remove cannabis from its strictest drug schedules as evidence that global perspectives on cannabis are evolving, and Thailand risks falling behind.
This looming policy change highlights the ongoing battle over cannabis regulation in Thailand, where advocates argue that the plant’s medical and economic benefits far outweigh the potential harms.
Contributing Sources: Bangkok Post
