Cannabis could generate 8 billion baht for Thai pharmaceutical industry by 2025, expert says
Cannabis could become a major cash crop in Thailand. An expert says the cannabis-based medicinal products could generate up to 8 billion baht for the Thai pharmaceutical industry by 2025. Medical cannabis has been legal in Thailand for the past couple years, but recently the government agreed to allow parts of the plant with very, low traces of the “high-inducing” component tetrahydrocannabinol, or THC, to be in medicinal products and food.
Cannabis-based medicines have been used as palliative treatment for some cancer patients in Thailand. Last year, nearly 1 million patients used cannabis-based medicines, according to an economist at Kasetsart University’s Agricultural and Resource Economics Department, Ravissa Suchato.
Around 1.2 billion baht worth of medical cannabis was consumed last year, according to Ravissa, who led a recent study on the economic impact of commercial cannabis cultivation in Thailand. If the average consumption rises as expected, medical cannabis could generate 8 billion baht within the next 5 years.
“We believe marijuana has great potential as a cash crop because more patients will start using marijuana-based drugs soon.”
In the past, Thai officials have discussed the opportunity to tap into the global cannabis market by exporting medical cannabis, but Ravissa says Thailand still has a way to go.
“Globally, the recreational use of marijuana has risen a lot faster than pharmaceutical use, so the prospect of exporting marijuana-based medicines from Thailand is still a long way off.”
Parts of the cannabis plant that are rich in THC, like the buds, are still illegal and classified as a Category 5 narcotic. Trafficking the plant is still heavily criminalised. Just over the past few days, border patrol police in the Northeastern province Nakhon Pathom seized hundreds of kilograms of dried, compressed cannabis believed to have been trafficked across the Mekong River from Laos and destined for the South, possibly to Malaysia.
SOURCE: Thai PBS
