Cannabis reform is sweeping across the globe and undoing decades of prohibition. While the West has been the leader in cannabis legislation, the movement hasn’t been constrained to America, Canada and European nations. In Asia, Thailand entered the history books as the first southeast Asian country to legalize cannabis for medical use and in cosmetics and food. Three years after Thailand made history, the country is planning to legalize marijuana and do away with jail terms for people charged with marijuana possession.
Thailand’s Food and Drug Administration is poised to propose the removal of the controversial plant from the country’s list of restricted drugs to the Office of the Narcotics Control Board. Once the board clears the proposal, it will head to the health minister for approval. If the proposal is successful, Thailand will be one step closer to legalizing adult-use cannabis, another first in the region. There will be no more jail terms for cannabis offenses, and people won’t have to worry about long stints in jail for cannabis possession.
Currently, marijuana possession is punishable by up to 15 years in jail in Thailand. According to Thailand FDA’s deputy secretary-general Withid Sariddeechaikool, the move to decriminalize cannabis in the country will benefit its citizens. Thailand could take advantage of not just certain parts of the plant such as the flower but the entire plant, he says. If the government is able to decriminalize cannabis, the plant’s flower buds and seeds could provide a viable economic opportunity that is compliant with the law. And given how lucrative America’s cannabis market has been, Thailand could potentially generate a significant amount of money from cannabis sales.
However, the country has taken a slower legalization route, starting with rules to loosen marijuana possession and use rules. Interestingly, individual possession of marijuana is still prohibited by the law, but businesses have more access to the plant. Krungsri Research analyst Chaiwat Sowcharoensuk says that companies which produce soaps, cosmetics and beauty products stand to gain the most from reduced cannabis prohibition. As lawmakers change laws to allow the sale and use of every part of the cannabis plant, he says, it is likely that recreational use will be controlled.
Regardless, Thailand has still made noteworthy strides, especially considering how harshly countries in the southeast Asia region have treated drug offenses in the past. Historically, countries such as the Philippines, Indonesia, Singapore, Malaysia and Vietnam have issued extremely punitive punishments, including the death penalty, for drug use.
The steps being taken by Thailand could set a precedent that other southeast Asian countries may emulate, which could open up huge markets that internationally focused firms such as Flora Growth Corp. (NASDAQ: FLGC) could serve.
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