Hemp and Cannabis Industry Association Warns Against Government’s Plan to Reclassify CBD
The Hemp and Cannabis Industry Association has sounded a cautionary note, highlighting the potential ramifications if the government proceeds with its proposal to reclassify cannabis and hemp as narcotics. This move, they assert, could spell significant financial losses for businesses operating in the CBD sector, amounting to over 10 billion baht in investments.
CBD, or cannabidiol, renowned for its therapeutic properties, is a key component found in both cannabis and hemp. Unlike THC, the psychoactive compound in cannabis, CBD does not induce a sense of euphoria.
At a recent press conference, Tossaporn Nilkamhang, president of the association, revealed that CBD product registrations in the first quarter surged by 33% compared to the previous year. A total of 707 products, spanning various categories such as food supplements, herbal beverages, medicinal herbs, and cosmetics, were registered during this period.
Nilkamhang emphasized the potential consequences of the government’s proposed reclassification, stating that it could jeopardize billions of baht in investments and dent investor confidence in future projects. Additionally, it could disrupt the plans of approximately one million applicants prepared to register their CBD products.
In light of these concerns, Nilkamhang urged the government to reconsider its stance and engage in dialogue with industry stakeholders to find a mutually beneficial solution. He proposed enacting the Cannabis and Hemp Act as an alternative approach, suggesting that this regulatory framework would address both economic opportunities and drug misuse concerns.
Under this proposed act, CBD products containing less than 0.2% THC would not be classified as narcotics, allowing them to be manufactured, marketed, and sold as regular health products. Nilkamhang emphasized the importance of public participation in shaping the regulatory framework, inviting input from industry stakeholders and the general populace.
Despite the legalization of cannabis in Thailand in June 2022, regulations surrounding public consumption and sales to minors and pregnant women remain stringent. Debates persist regarding the terms of cannabis use and possession limits.
