A draft law to greatly expand medical cannabis regulations in Thailand is expected to be unveiled this week, a move that executives say will open the door to potentially millions of dollars in investments.
In the works since last year, the draft narcotics code will permit medical marijuana research on humans.
The law will first be analyzed by the country’s cabinet, according to the Bangkok Post. Then it will go to the National Legislative Assembly.
The move shows Thailand is serious about medical marijuana, Jim Plamondon, vice president of Thai Cannabis Corp., told Marijuana Business Daily.
He said Thailand is on pace to be a leading player in the industry in Asia.
“The money it saves by doing so can be invested in moving up the value chain towards establishing consumer brands, because that’s where the big money will be … because that’s where the big money always is.”
The Southeast Asia nation could be sitting on a $4 billion MMJ industry within a decade.
“Thailand is moving fastest among Asian nations to legalize cannabis, albeit in a very step-by-step manner,” Plamondon said.
Thai Cannabis Corp. was the first company in Thailand to win permission to grow cannabis and process it into oils, extracts and isolates.
All cannabis grown in Thailand must not exceed 1% THC.
Hemp cultivation was allowed in 23 designated districts in nine of Thailand’s provinces last year.
Matt Lamers can be reached at mattl@mjbizdaily.com
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