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ResourcesThailand Real Estate & Property LawJurisprudence"Legalization of Medical Marijuana" Can "Boost" Thailand's Recovery?

"Legalization of Medical Marijuana" Can "Boost" Thailand's Recovery?

Transcript of the above video:

As the title of this video suggests, we are discussing Cannabis again here in Thailand, Marijuana; interchangeable terms I guess. The reason I thought of making this video is I read a recent article in the Thai Examiner, that's, the article is titled: Call for flexible visas to boost the economy as exports, output and business confidence falters. I urge those who are watching this video, go check out that article in detail. As usual, Thai Examiner does an exhaustive piece on this whole thing; lot of facets, a lot of ins and outs, very interesting. I am going to quote a small excerpt here. Quoting directly: "Danucha Pichayanan, the Secretary-general of the National Economic and Social Development Council (NESDC), the Government's  key economic agency," I want to repeat that, "the Government's  key economic agency", quoting further: "has called on Ministers to make Visa provisions for foreign tourists more flexible and user friendly while also marketing the Kingdom's legalization of  medical marijuana or pot in a bid to boost the still slow recovery of the country's critical foreign tourism industry." 

Good point. I think I have been saying this, if people aren't already sick of me talking about it, look going back into the summer of 2022, this was huge news and I mean it kind of came out of left field, but the legalization of Cannabis, the pulling it off the narcotics list notwithstanding the fact that we still don't have a regulatory structure out there yet, but the pulling it off of the narcotics list, this was major and it resulted in yeah now we have a licensing structure because this product now falls under sort of Thai traditional remedies so you need a Controlled Herb License to go ahead and deal with it. The sort of upshot of that was whether intended or not, I think it was a major shot in the arm of the Thai economy at a time Thailand really, really needed it. Coming off of the end of COVID, going into high season, I think it created a substantial amount of extra demand to come to Thailand as a tourist. I think it also created a new sector in Thailand's economy and in its overall GDP in which quite honestly, foreign reserves can flow into. It's a brand new commodity, it is totally new. It stands to reason that essentially new money if you will is going to flow in there. And as we discussed another videos I think it was 28 billion in market capitalization sort of appeared within weeks of the legalization move and then now we are dealing with a situation where okay we are coming out of high season, we're going into kind of the slower part of High season, going into the kind of low season; low season in my mind comes after Thai New Year but there is this kind of lull between sort of January and April where it's not quite as fast paced as it was from December going into January, whatever it's just what it is. It's still very cold in other parts of the world so people still like to come to Thailand so high season kind of rolls on a little longer than just the holiday season in the West.

The point I am trying to make with this video is look the legalization of Cannabis, the regularization of it and the ability to buy it in a retail setting, I think resulted in substantial benefits for the Thai Economy. I think it will continue to result in substantial benefits for the Thai Economy and as noted by this person in this article who seems to agree with that, it probably is a good idea to continue on or it seems like not a bad idea to kind of continue on to help try to boost the recovery as much as we can.