Advancing Ecosystem Business to Expand the Potential of Thailand's Hemp Industry Partnering to Promote Wellness and Sustainability to Meet Global Market Demands
The “Thai Industrial Hemp Trade Association (TiHTA)”, in collaboration with N.C.C. Exhibition Organizer Co., Ltd. (NEO), is pushing forward Thailand’s hemp industry to create new opportunities. They are also in talks with Japan to exchange knowledge and develop capabilities in the medical and fiber sectors. By strengthening partnerships and highlighting Thailand’s strengths in cultivation, they aim to develop areas and strains to support the hemp industry’s supply chain. The upcoming “Asia International Hemp Expo 2024” will serve as a platform to connect investors and hemp industry leaders, establishing a concrete business ecosystem.
The Government is Advancing the Medical Hemp Industry to Bolster Business Potential in Thailand
The government has announced a clear policy to support the use of "hemp" for medical purposes, health, and economic development. Recently, the Cabinet approved the draft Ministerial Regulation on Obtaining Permission for Extracts to promote correct usage and advance the industry.
On October 8, 2024, the Cabinet approved the draft Ministerial Regulation concerning the licensing and permits for the production, import, export, sale, or possession of narcotics classified under Category 5, specifically for extracts from cannabis or hemp as proposed by the Ministry of Public Health (MOPH). This regulation serves as a subsidiary law under the Narcotic Code B.E. 2564 (2021) because cannabis and hemp extracts with THC levels exceeding 0.2% remain classified as narcotics. If the THC content does not exceed 0.2%, the FDA will consider allowing it as a "health product" according to specific laws such as the Cosmetics Act, the Food Act, and the Herbal Products Act.
Thailand's New PM Revives HEMP and Medical Cannabis, Vows Support, Aiming to Drive
2 Billion Baht Economy Annually
It is clear that the government led by Prime Minister Paetongtarn Shinawatra will proceed with the initiative for medical cannabis and hemp, focusing on creating additional economic value while effectively managing social impacts through legislative measures. This direction was articulated in the government's policy statement presented to Parliament on September 12, 2024, which projects an annual market value of 200 billion THB.
Under current Thai law, Cannabis and Hemp are not classified as Type 5 narcotics, except for extracts containing THC levels exceeding 0.2%, which are considered controlled substances. The flowers of cannabis and hemp are classified as controlled herbs under the Traditional Thai Medicine Protection and Promotion Act of 1999, which mandates that permission be obtained for their use. Consequently, other parts of the cannabis and hemp plant, including branches, leaves, stems, seeds, and hemp fibers, can be utilized for medical purposes and to enhance economic value.
'Asia International Hemp Expo 2024' Aims to Enhance Quality Standards for Thai Hemp Raw Materials to Compete in the Global Industry. The Major Event Is Scheduled for 27-30 November 2024.
The Thai Industrial Hemp Trade Association (TiHTA) and the N.C.C. Exhibition Organizer Co., Ltd. (NEO), is staging the 3rd edition of 'Asia International Hemp Expo and Forum 2024' to drive the Thai hemp industry forward by accelerating the boost of the Thai hemp industry standard in line with international standards to broaden business opportunities from the emerging European and Asian markets after the adjustment of hemp use law. Moreover, the 'Hemp Sandbox' project is now initiated to create a median price for hemp raw materials while connecting the industry supply chain. The event is scheduled from 27-30 November 2024 at the Queen Sirikit National Convention Center, and expects to generate more than one billion baht.