After the pandemic, Thailand is opening up to tourism to restore its economy. Along with this situation, laws and regulations have been enacted to serve the needs of tourists and increase income for the country. One of the proposed laws is the CBD and cannabis legislation. In this article, we would like to introduce CBD and the rules and regulations businesses need to know to sell CBD in Thailand.
What is CBD?
Cannabidiol (CBD) is a natural compound found in the cannabis plant. It gives users many benefits in life such as relaxation, pain relief, anti-oxidant, anti-inflammatory, or anti-tumor effects without the euphoric psychological effects – high intoxication like other substances of this plant. The substance is considered safe because the compound does not alter body function or memory. It has extremely low toxicity and there is no scientific record of CBD damage to human DNA (deoxyribonucleic acid). That’s the reason why it is legally distributed and allowed to be used in many countries around the world. Businesses have taken advantage of the effects of this substance and government regulations to prepare, manufacture and sell seeds, plants, or products related to this substance to those who need it in medicine, science, or agriculture.
Overview of CBD market in Thailand
Thailand is one of the few countries in the world and in Asia that allows the use of cannabis and products derived from it within the permissible limits. And so, businesses or individuals are allowed to sell CBD in Thailand. This is an extremely potential market for this type of product. The government has made the decision to open up CBD trading in the country to attract tourists, increase the share of tourism, and encourage agricultural growth. The Thai Industrial Hemp Trade Association has calculated the market value of the cannabis-related business to be around 40 billion baht and is expected to grow to 70 billion baht by 2024.
Rules and regulations to sell CBD in Thailand
Previously, to sell CBD in Thailand, businesses had to operate in the medical field with the aim of supporting pain relief for chronic patients or curing diseases. Now, Thailand has become the first country in Asia to decriminalize cannabis, specifically CBD and its products through the issuance of new rules and regulations. While it is still illegal to sell CBD in Thailand and use it recreationally, this new law could make it more accessible to patients, leading to a potential reduction in crime and could also provide a boost to Thailand’s economy with many new jobs available, such as manufacturing, farming, and distribution.
The new law stipulates that CBD or “hemp”-based cannabis products are legal in Thailand and that cannabis can be grown at home if it is intended for medical use. Businesses that want to sell CBD in Thailand must be licensed and products are required to ensure compliance with state regulations. Purchasers must obtain a medical prescription for cannabis use from a licensed physician in order to proceed with the purchase.
Conclusion
Thailand is a great market for the business of CBD products within the framework of the government’s permission. This is a good opportunity for businesses to get great revenue. Contact us if you need assistance with managing a CBD store.
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