Thailand’s cannabis and hemp market is on track for remarkable growth, with projections estimating it will reach ฿43 billion (USD ~$1.2 billion) by 2025, expanding at a steady 15% annual growth rate, according to new research from the University of the Thai Chamber of Commerce (UTCC).
Cannabis as a Key Economic Driver
The Thai government’s move to decriminalize cannabis on June 9, 2022, was aimed at revitalizing the economy—particularly across the agriculture, wellness, and tourism sectors. The legal reform has opened up new avenues for farmers, small businesses, and entrepreneurs, with the cannabis plant now seen as a high-potential economic crop.
“Cannabis has the potential to become a key economic driver,” said Thanavath Phonvichai, President of UTCC. “It’s not just an agricultural product—it’s a vehicle for income generation and SME growth.”
Public Perception and Survey Insights
The UTCC conducted a nationwide survey of 1,215 respondents between July 5–15 to evaluate public opinion on cannabis. The findings reveal a nuanced view of cannabis among the Thai population:
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78% have not yet tried cannabis
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64% still view it as a harmful drug
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42% see it as a food ingredient
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35% consider it a form of medicine
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25% identify it as an emerging economic crop
(Respondents could select multiple answers.)
Regulatory Balance and Challenges
While many Thais acknowledge the economic and therapeutic benefits of cannabis, there are rising concerns about misuse and substance abuse. In response, Prime Minister Prayut Chan-o-cha has formed a committee to evaluate cannabis usage and recommend new regulatory measures aimed at public safety and sustainable development.
Outlook for Investors and Growers
The research underscores strong potential for investors, licensed cultivators, and cannabis-related businesses to thrive in Thailand’s evolving cannabis ecosystem. As public education and responsible legislation catch up with market momentum, Thailand remains one of Asia’s most promising hubs for legal cannabis innovation.
Bicaro Group’s Role in the Market
At Bicaro Group, we are actively investing in the future of cannabis through certified cultivation, wellness tourism, and sustainable development. We welcome partners who share our vision to unlock the full potential of Thailand’s cannabis industry—ethically and responsibly.
Source: https://www.bangkokpost.com/business/2350907/cannabis-market-seen-growing-to-b43bn-by-2025