The intention is to allow the use of extracts in medicines, cosmetics and food
Thailand, one of the toughest countries in the world on drug trafficking, has withdrawn Monday cannabis and hemp extracts from its Category 5 narcotics list. Possession of a Category 5 product carries a jail term of up to 15 years and fines of up to 1,5 million baht (around $ 49000). It is a major step in the promotion of investments and the development of medical cannabis in this Southeast Asian country which represents nearly 70 million inhabitants.
The change in the law applies to cannabis and hemp plant extracts containing CBD, CBD 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 medicines, 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 be prevalent across the country. People are usually fined rather than jailed, but imprisonment is possible. Thailand, which has a long history of using cannabis to relieve pain and fatigue, has alreadyequalized 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 are limited to licensed Thai producers for a period of five years to protect the domestic industry, Tares said, adding that the latter was revising regulations allowing companies to apply. 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. Thailand last month shipped 10000 bottles of cannabis oil extract to patients for the first time.