Thai business is ecstatic with the government’s green cannabis strategy

The Thai Commerce Ministry is already working on plans to promote hemp fiber in the textile industry, as it has a lot of market potential. Despite their numerous medical benefits, hemp and cannabis were classed as narcotics under Thailand’s Narcotics Act’s Category 5. In the next five years, the global market for hemp-based textiles and clothing is expected to reach more than 140 billion baht, representing a 23 percent rise. Thailand’s government is pursuing a controversial plan to employ hemp in the textile industry as part of the country’s green agenda. Thailand, on the other hand, made history by legalizing cannabis possession and use for medicinal and scientific purposes in 2019.

Thai textile exports totaled more than US$1.8 billion in the first quarter of this year, up roughly 14% year on year. The United States, Japan, Vietnam, Indonesia, Bangladesh, Cambodia, Myanmar, India, and Germany were the top export destinations. Because hemp is a natural material with many different features, the department saw an opportunity to promote it in textiles and export products. Manufacturing technology is used that is both environmentally friendly and sensitive to changing market conditions. The method corresponds with the government’s current attempts to promote hemp as a new potential green, profitable crop for the commercial market, according to Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department.