The Industry Ministry is planning to make Thailand a hub of hemp businesses to produce new products in the medical sector and support tourism. Officials are working on a budget plan and will ask the cabinet to allocate money for hemp business development, said Industry Minister Suriya Jungrungreangkit.
"The government wants hemp and herbs to be new economic crops to help drive the domestic economy and increase farmers' revenue," he said. Development of hemp and cannabis products is seen as having business potential due to strong demand in the global market.
Experts have found hemp is rich in cannabidiol (CBD), which can be used to treat a number of ailments.
Pornchai Padmindra, president of the Thai Industrial Hemp Trade Association, said the association has made a hemp development plan for use between 2022 and 2075 as part of a plan to support agricultural products and make Thailand a key manufacturer of hemp-based products in the medical sector. "We expect hemp products will be a new source of revenue in the future and create new opportunities in the market," he said.
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