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Following an amendment to the Narcotics Act to allow broader use for business opportunities, including tourism, Thailand became the first country in Southeast Asia to allow the production, import, and export of cannabis for medical purposes in 2018.
The market value of the legal cannabis industry in Asia is projected to reach Us$12.5 billion (392 billion baht) in 2024, according to Prohibition Partners' "Asian Cannabis Report."
Thailand's cannabis industry is estimated to be valued at $661 million, with $237 million from medicinal cannabis and $424 million from the recreational cannabis market.
Jacky Ong, president of Cannabis Investment Summit World said that a cannabis virtual event in Thailand, as awareness of medicinal cannabis grows, cannabis tourism has a strong potential to help the tourism industry recover from the pandemic's record slump.
Thailand must develop and promote cannabis-related hospitals and clinics, certify cannabis doctors, build manufacturing facilities, wellness resorts, and tour packages to capitalize on this potential, said Mr. Ong.
"Than Global "partnered with the Rajamangala University of Technology Isan, Sakon Nakhon Campus to develop educational cannabis tours a few years ago after the university was granted permission to grow plants for the academic purpose of studying the medical benefits.
As the of the tour's pilot phase last year, 3,000-5,000 health volunteers and officials from sub-district hospitals visited plantations in Sakon Nakhon and Buri Ram.