It has just been announced as of June 9th, 2022, that Thailand becomes the first Asian country to legalize growing, distributing, and consuming cannabis in foods and drinks. This becomes a big deal for the country as the government hopes to see the new legalization of cannabis boost Thailand’s agriculture and tourism.
It’s important to note that although growing, distributing, and consuming cannabis in foods and drinks is legal, smoking cannabis in public if deemed disturbing to the people is considered illegal.
Cannabis has also been delisted from Schedule 5 in the list of banned narcotics except for cannabis that is extracted with more than 0.2% of THC. For all business activities related to cannabis whether its possession, production, or importation, strict regulations will still have to be followed with licensing being required as well.
Here are some key points that businessmen wanting to open up cannabis in Thailand should follow:
- Cannabis and cannabis extracts that are less than 0.2% THC have now been removed from the list of banned narcotics and are now considered legal
- Foreign businesses can do activities relating to cannabis in Thailand but most of the activities require a specific license as well as Thai company ownership
- Flowers and Leaves from cannabis plants can be sold only with THC levels of below 0.2%. Anything above that percentage is considered illegal
As this law is still considered new, expatriates and businessmen need to take into account the changes that can happen frequently. However, Pimaccounting can assist with Thai ownership company registration that can help you transition into the cannabis business. Call one of our experts now to learn more about this.
Pimaccounting is a one-stop accounting service that provides a full range of accounting services such as monthly bookkeeping, tax filings, visa & work permit, and more. If you would like to hear more about our services or have some consultation, you can now contact us and speak to one of our experts.