With full cannabis legislation still in flux, Thai cannabis entrepreneurs are navigating a grey market filled with uncertainty—and opportunity.
It’s been nearly three years since Thailand made headlines as the first Asian nation to decriminalise cannabis, but the celebratory haze has since cleared to reveal a confusing, unregulated market in desperate need of reform.
The long-awaited Cannabis and Hemp Act—meant to define recreational use, product standards, and licensing frameworks—has been repeatedly delayed. As a result, cannabis businesses across the country operate in a legal grey zone.
“We’re in limbo,” says Rachanon Teerakul, owner of a Bangkok dispensary. “Every month there’s talk of a new law, and every month it’s postponed.”
This uncertainty has created mixed signals for investors, farmers, and retailers alike. On the one hand, dispensaries continue to open in tourist hubs, buoyed by strong demand and lenient enforcement. On the other, talk of recriminalisation or tighter restrictions has made many cautious about long-term investment.
The delay is also affecting international partnerships, particularly from investors in countries that require a clear legal framework for cannabis dealings.
“Many international buyers love Thai cannabis, but without consistent laws, they’re hesitant to sign deals,” notes an executive from a GACP-certified farm in the northeast.
Meanwhile, the public health ministry has hinted at a return to more restrictive cannabis use—potentially limiting it to medical applications only. Yet no official timeline has been given, and existing businesses are left guessing.
Despite the uncertainty, insiders remain cautiously optimistic.
“Thailand has the climate, the culture, and the capability to lead in Asia’s cannabis sector,” says Pongsak S., a regulatory affairs analyst. “We just need the law to catch up with the industry.”
Until then, the Thai cannabis industry finds itself in a balancing act: thriving in the present, but anxiously waiting for a future that remains unwritten.