Thailand’s Industry Ministry is backing hemp as a new cash crop

The Thai government is getting behind the hemp industry amid long-term plans to grow the local market and drive flow-on benefits to associated sectors. The Bangkok Post reports the Industry Ministry is currently laying out a budget plan, with it targeting the development of new products in the medical sector and support for tourism.

Industry Minister Suriya Jungrungreangkit said, according to the Bangkok Post, that officials will ask cabinet to allocate money for hemp business development.

“The government wants hemp and herbs to be new economic crops to help drive the domestic economy and increase farmers’ revenue.”

According to the report, the Thai Industrial Hemp Trade Association is looking to the long term, with president Pornchai Padmindra stating it has put together a hemp development plan for use between 2022 and 2075. The plan will form a component of efforts to support agricultural products and establish Thailand as a key manufacturer for medical sector hemp-based products.

“We expect hemp products will be a new source of revenue in the future and create new opportunities in the market.”

Looking to the short term, it is forecasting hemp market value will grow to 3 trillion baht in the next three years, up from its present value of 800 billion baht.

SOURCE: Bangkok Post