The intention is to allow the use of extracts in drugs, cosmetics and foods
Thailand, one of the toughest countries in the world on drug trafficking, has withdrawn Monday cannabis and hemp extracts from its 5 list of narcotics. Possession of an 5 product carries a jail term of up to 15 years and fines of up to 1,5 million Baht (approximately 49000 dollars). This is a major milestone in promoting investment and development of medical cannabis in this Southeast Asian country that accounts for nearly 70 million people.
The amendment to the law applies to extracts of cannabis and hemp plants containing CBD, CBD-based products and other substances with a THC content of less than 0,2%, according to the report.
"The intention is to allow the use of extracts in drugs, cosmetics and food and to support hemp as a beneficial crop," the secretary general of the Thai Food and Drug Administration, Tares Krassanairawiwong.
Possession of cannabis for recreational purposes remains illegal but continues to prevail throughout the country. People are usually fined rather than imprisoned, but imprisonment is possible. Thailand, which has long used cannabis to relieve pain and fatigue, already hasequalized for medical purposes and conducts research to strengthen its farm income. The Thai cannabis market is expected to reach 660 million by 2024, according to analyst firm Prohibition Partners.
Licenses are not yet available for businesses
The production, cultivation and sale of cannabis is limited to five-year-licensed Thai producers in order to protect the domestic industry, said Tares, adding that the company is currently revising regulations allowing companies to apply for cannabis. a licence.
Currently, only hospitals and research centers can apply for a license to develop these extracts, of which 334 licenses have been issued to date. Last month, Thailand shipped 10000 bottles of cannabis oil extract to patients for the first time.