Presented enticingly at the Asia International Hemp Expo in Bangkok back in the latter part of last year, were beautiful displays of cannabis plants. This spectacle was a glimpse into the promising future of Thailand’s burgeoning cannabis industry. (Photo: Somchai Poomlard)
Prime Minister Srettha Thavisin was candid about his stance on cannabis use during a recent media interaction. He made his reservations clear about the prospect of recreational cannabis being sanctioned in the country. He, however, reassured that the promotion of medicinal cannabis would continue to be advocated and regulated under his government’s jurisdiction. Asserting his position, he stated, “The canvas of our cannabis policy will primarily revolve around the medical application of the plant. Although there are differing opinions, I personally don’t vouch for its recreational use.”
The panorama of Thailand’s cannabis industry has been changing at a breakneck speed. Experts predict that the industry could potentially yield business worth up to US$1.2 billion, equating to 42.9 billion baht, in the near future. It is, undoubtedly, a booming market sector, and since last year’s decriminalization of cannabis consumption and cultivation, a multitude of new business enterprises have sprouted like mushrooms after rain.
Keeping step with the evolving times, Anutin of Bhumjaithai appealed for the continuance and escalation of pro-cannabis policies, further fueling the industry’s growth.
Earlier this week, the spotlight was on Prime Minister Srettha when he announced a set of strategic economic policies with the primary goal of stimulating and ramping up consumer spending, a necessary catalyst to pull Thailand’s slumping economy out of the pandemic-prompted downturn. Ever the businessman of yesteryears, Mr. Srettha pointed out that their targeted policy could potentially cause a quantum leap in domestic spending. His signature policy, comprising a digital wallet initiative offering a 10,000 baht ($282.09) gift to all Thai citizens, became the talk of the town.
Later in the week, Prime Minister Srettha presented an interesting aspect of this digital welfare scheme. He revealed that the government will implement this project in collaboration with the Krungthai Bank, specifically using its Pao Tang mobile application. He further added an intriguing layer to the update, sharing that the app would soon have an integrated blockchain technology feature, sparking a wave of excited chatter across the Thai public.
This path-breaking initiative of the 10,000-baht digital handout seems promising, and it will be interesting to trace its impact on Thailand’s economic scenario to its very roots.
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