“I’m very disappointed. We lost money. Nobody wants to buy our crop.”
The 43-year-old pumped in nearly 500,000 baht to grow more than 400 cannabis plants on her land in Nakhon Phanom, a north-east province by the Mekong River.
Health Minister Anutin Charnvirakul, whose Bhumjaithai Party had championed the legalisation of medical cannabis, had even said he wanted to turn Nakhon Phanom into “Cannabis City” to boost its economy and tourism appeal. Before June 2022, dried cannabis buds fetched about 5,000 baht to 7,500 baht per kilogram. But the legal change led to more than 1.38 million growers entering the industry, and as a result of oversupply and price-cutting, market prices are now around 500 baht to 2,000 baht.
But the initial cannabis boom, which saw long lines forming outside these stores, has dissipated, especially after legal flip-flopping by the authorities. “Big industry is in a dilemma. There’s a lot of discussion among overseas clients about whether it is a good time to enter Thailand’s cannabis industry, considering that the law is not yet stable,” said Dr Atthachai Homhuan, director of regulatory affairs at law and consultancy firm Tilleke and Gibbins.
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