The government is developing cannabis into an economic crop to cater to a surge in demand in the fast-expanding and hugely lucrative global market, says Public Health Minister Anutin Charnvirakul.
To date, 29 local companies manufacturing herbal and traditional medicines and food supplements have formulated cannabis-based products requiring some 30 tonnes of cannabis supplies.
The cannabis, legally permitted for use in research and medicinal purposes, is estimated to increase the value of the products by over 150 million baht, said the minister.
Addressing a workshop on the use of cannabis in food product industry yesterday, Mr Anutin said the plant holds a bright economic future for the country.
The session on Thursday also involved a business matching for product manufacturers.
The workshop was told that the worldwide market for legal cannabis was estimated to be worth US$17.5 billion or about 500 billion baht a year with a 17% annual growth. The cannabis-mixed medicinal and food products account for about 70% of the market.
Mr Anutin said cannabis presents an lucrative opportunity for the country and stimulates the farming sector and the rest of the supply chain. People will also benefit from the medicinal properties of the plant.
The minister said the cannabis promotes the economy by boosting the herbal medicine and food product industries and medical tourism.
Dr Kiatiphum Wongrajit, public health permanent secretary, said that since 2019, cannabis has been used on patients with epilepsy, Parkinson's disease and last-stage cancer.
It was formally removed from narcotic list and now introduced as item in the medical service plan in more than 700 hospitals nationwide. More than 65,000 people have obtained the service.