Our team in Thailand attended this year’s Cannabis Business Asia Conference at the Anantara Riverside on 23-24th March 2022. With industry stakeholders from all over the world eager to share ideas and network in a collaborative environment, it was a fruitful conference for all. Here are some key takeaways from Thailand’s first cannabis conference of 2022:
Where is the Cannabis industry in Thailand (and Asia) now?
All eyes are eagerly awaiting early June, which marks the end of the 120-day period after the announcement in Thailand’s Royal Gazette revising the list of Category 5 drugs in the Narcotics Act. The new legislation, when it comes into place, will remove parts of Cannabis and hemp (extractions with THC per weight of less than 0.2%), from the narcotic drugs list.
Elsewhere in Southeast Asia, such as Cambodia and Laos, hopes for following in Thailand’s footsteps have been temporarily halted due to Covid-19. Nevertheless, the outlook is still optimistic; in “stricter” countries, such as South Korea, industrial hemp zones have been set up, heavily regulated by the government and with strict cannabis compliance and reporting requirements. Seed to sale softwares, such as Cannavigia, which facilitate compliance in the cannabis industry, will be able to aid newcomers in navigating the reporting requirements.
Who are the key players?
With a 2/3 majority Thai shareholder requirement for companies in Thailand’s hemp and cannabis industry, many of the key players are young, internationally educated Thais who are very aware of the international market situation as well as the opportunities abroad. These entrepreneurs have teamed up with experts from countries with an older and more established cannabis industry, knowing the importance of setting up a good growing infrastructure and recording and analysing data to ensure successful operations.
Extraction is the latest trend
With the cannabis industry in Thailand having slowly opened up over the past few years, the big players who already set up their own cultivation to meet the lack of supply in the early days, are now focusing their efforts on extraction and end-user products with CBD. From terpenes to water-soluble CBD isolates, the availability of downstream products is plentiful. The next task will be educating the consumer and creating awareness on the benefits of these compounds in both the cannabis cosmetic and cannabis food industry in Thailand.
When it comes to extraction, the regulatory standards are much higher, requiring intensive monitoring and tracking of task, and immaculate quality control. To aid manufacturers and extractors, the Cannavigia seed to sale software features a Manufacturing module where a digital copy of an extraction facility can be created in order to record all the necessary steps for GMP compliance.
While we can expect many new CBD-based products entering the Thai market in the near future, the task of ensuring high quality products for user satisfaction has never been more important. The use of Cannabis software in Thailand, such as Cannavigia, will continue to aid industry stakeholders in ensuring transparency and a better end-product for the consumer. Spreading awareness and educating the public will be a key marketing effort for all stakeholders of this exciting industry.
Want to ensure your cannabis business in Thailand is CannaVigilant?
The Cannavigia Compliance Suite is your companion for compliance in the Cannabis industry in Thailand. Our seed-to-sale software allows you to track all stages of your cannabis business in Thailand from cultivation and manufacturing to distribution and marketing, all within our flexible modular pricing. Contact Micheline , in charge of Business Development – Asia to find out more about the Cannavigia cannabis software in Thailand.