The government is working on ways to help the "cannabis" industry generate more revenue for the "grassroots economy" while reducing national costs, Deputy Public Health Minister Satit Pitutacha said at Cannabis Wealth, a forum organised by Thansettakij.
The forum, held on on April 22 at The Grand Hyatt Erawan Hotel in Bangkok, brought together experts to discuss the growing economic potential of cannabis for Thailand's economy. The experts discussed three different topics: Thailand's readiness for this new opportunity, Thai cannabis' competitive edge, while industry entrepreneurs offered advice on how to successfully engage in cannabis business.
Speaking at the first forum on Thailand's readiness for this "new economic opportunity", Satit laid out the work done by the government to support the Thai cannabis industry and outlined plans for future. The key point of his speech was the opportunity the industry offered, now that the new law allows "cannabis" plantation, research and development, and their usage for health and wellness, food and beverages, and cosmetics.
The next legalisation phase is expected to allow households to be able to plant their own cannabis, and send the plant over to the Department of Traditional and Alternative Medicine for extraction, he said. "With further research and development Thailand can come up with more of our own medicines, reducing the import of medicines, which is an efficient way to reduce cost while generating our own revenue," Satit said.
Speaking at the forum on "Thai Cannabis’ Competitive Edge", Dr Kwanchai Wisitthanon, deputy director-general of the Thai Traditional and Alternative Medicine, said cannabis has many health-providing qualities that can support today’s medicinal industry and can also expand the products into many more goods and services.
"Cannabis has the ability to cure symptoms in palliative care as it functions as a painkiller, stimulates appetite and alleviates nausea from chemotherapy radiation," Kwanchai said.
He suggested that in order to build "Thailand's grassroots economy," the district and provincial authority should support households in the sprouting phrase by providing cannabis seedlings to them at an affordable price, as this would be a foundation for the industry to foster.
Cannabis can be transformed into many products and services, and there is no need to fear a red ocean, Kwanchai said.
In the final part of the forum, entrepreneurs who have their business in the upstream, middle stream and downstream supply chain of cannabis shared their insights on how to run a business successfully.
Aunarin Kitpaiboon, the owner of Cannabis Way, shared her experience of planting "cannabis", managing the CBD Agro-Tech Center for CBD extraction, and the cannabis refreshment drink kiosk. One of the main challenges she faces is "quality control" in planting cannabis, which is the most important part since it is where tincture is controlled.
"Newcomers to the industry have to conduct in-depth studies before they start planting cannabis," Aunarin said.
Published : April 25, 2022