On June 9, 2022, Thailand delisted both cannabis and hemp plants, their unprocessed parts, and carved out extracts containing low tetrahydrocannabinol (THC) level (i.e. < 0.2% by weight) and seed oils derived from cannabis or hemp plants in Thailand from the Narcotics Code, officially becoming the first country in Asia to legalize the cultivation, sale and utilization of the plant for medical and other permitted purposes. For centuries, cannabis was used in Thailand in the form of traditional medicine, until it was banned in the 1930s due to international pressure. In 1979, Thailand’s Narcotics Act specifically designated cannabis and hemp as Category 5 illegal substances. Under this Act, the production, trade or possession of cannabis and hemp was considered a criminal act punishable by heavy fines and/or prison sentences. Thereafter, all activities related to cannabis plants and their derivatives have been highly regulated until a gradual relaxation of the applicable laws over the last few years. A market ready to get high The global hemp market was valued at USD 4.75 billion in 2020. Allied Market Research anticipates strong growth ahead, and predicts that an average annual expansion of 21.6% in the global market will expand the market to a record high of USD 18.6 billion by 2027, although this is still somewhat low compared to the world trade in cannabis. By 2025, the Thai market for hemp is forecasted to have a value of THB 15.77 billion1. The ‘Global Cannabis Market’ report estimates that in 2020, the global cannabis trade was worth USD 22.9 billion, split between USD 6.12 billion from medical marijuana (26.7% of the total) and...