‘Investors to lose THB10 bn if cannabis, hemp relisted as narcotics’
The Hemp and Cannabis Industry Association has warned that operators in CBD-related industries could lose combined investments of over 10 billion baht if the government goes ahead with the plan to relist cannabis and hemp as narcotic plants.
CBD, or cannabidiol, is a crucial compound found in both cannabis and hemp plants that has medical benefits. Unlike THC (tetrahydrocannabinol), the main psychoactive compound in cannabis, CBD does not cause consumers to feel mental euphoria.
CBD products registered in the first quarter of this year rose 33% from the previous year to 707, covering food supplements, herbal drinks, herbal drugs, and cosmetics, said Tossaporn Nilkamhang, association president, during a press event on Friday.
“If the government goes ahead with the plan to criminalise cannabis and hemp to curb the abuse, manufacturers and investors of these products could stand to lose over 10 billion baht of investment,” he said. “The move will also affect the confidence of investors in the government's future projects.”
The association estimated that the relisting of the plants would also thwart the plan of some 1 million applicants who are preparing to register their CBD products.
Tossaporn urged the government to reconsider the move and work with operators to mutually find a solution that would make cannabis and hemp new economic crops, while preventing drug abuse as well as usage in children.
He suggested that instead of criminalsation, the government could issue the Cannabis and Hemp Act to control the use of former narcotic plants. The consideration process of the act would also allow business operators and the public to voice their opinions and concerns, as well as provide suggestions on the regulations, he said.
For starters, Tossaporn said the act should stipulate that CBD products with less than 0.2% of THC should not be classified as a drug, and therefore should be allowed to be produced, advertised, and sold as ordinary health products.
Cannabis was legalised in Thailand on June 9, 2022, although public smoking and sale to children and pregnant women have been banned. The ambiguous usage terms and possession limit of cannabis have been a subject of debate ever since.
