Thailand's cannabis prices fall due to oversupply and legal uncertainties, Pakistan Senate examines market potential

In recent years, people around the world have become more open to the legalization of cannabis. Here are some of the latest marijuana milestones from Thailand and Pakistan.

Thailand's cannabis prices fall, legal uncertainties increase with new prime minister

Thailand's cannabis industry is facing a Significant drop in product prices due to the oversupply on the market. The price of dried cannabis flowers has fallen to less than 2,000 baht (58.29 dollars) per kilogram, Thairath writes according to the translation.

Due to this drop in prices, some local cannabis growers and producers are turning to new cultivation technologies to increase the quality and value of their marijuana products. More specifically, some growers are using aeroponic technology with the goal of reaching international markets. Aeroponic technology allows growers to grow high-quality plants that meet the export standards of Europe and Australia. In these markets, cannabis can reach a price of 100,000 baht per kilogram.

A company using aeroponic technology and targeting other global markets is Oriental Plantation Co., Ltd.in the Suranaree industrial area in Nakhon Ratchasima. The company has already received orders from Australia and Germany.

Apiban Sriy, Managing Director of Oriental Plantation, stressed that large European markets such as Germany are very competitive, which means that products must match the quality of competitors and meet market standards. Sriy also noted that there are still legal uncertainties surrounding cannabis in Thailand.

In July, Thailand’s Deputy Prime Minister and Chairman of the Bhumjaithai Party (BJT), Anutin Charnvirakul, confirmed that the then Prime Minister Minister Srettha Thavisin agreed that appropriate regulation would be a better solution than the previously announced re-criminalisation of cannabis.

Meanwhile, Thailand's Constitutional Court has removed Thavisin from office for appointing a minister with a criminal conviction. Paetongtarn Shinawatra was appointed as the new prime minister. While it is still unclear how Shinawatra will react regarding cannabis laws, her previous statements show that she does not support the legalization of marijuana as she fears it could do more harm than good, ThaiPBS reports according to translation.

Also read: Marijuana and hemp around the globe: Spanish scientists' THC detection method, New Zealand's export of medical marijuana, update from Thailand and more

Pakistan: Senate committee discusses economic potential of cannabis

The Senate Permanent Committee on Science and Technology heard testimony on Monday about the economic potential of cannabiswrites Business Recorder.

Mr. Abidi, Chairman of the Pakistan Council of Scientific and Industrial Research (PCSIR), noted that medical marijuana is a $30 billion global market. Abidi also discussed the potential applications of marijuana in textiles, food and construction, noting that the market potential is $4-5 billion.

PCSIR has already developed various hemp products, such as tea, biscuits, jam and medicinal oils.

In April, Pakistan began the process of establishing the Cannabis Control and Regulatory Authority (CCRA), a regulatory body responsible for issuing licenses to growers and sellers and designating growing areas. The CCRA's board of directors was finalized, with the secretary of the Ministry of Defence as chairman and the chief secretaries of each province as members. The committee recommended that two senators should also become members of the board.

According to the CCRA regulatory framework, the THC content of the cannabis derivative must not exceed 0.3% to prevent the misuse of medicinal products through recreational use. Penalties for violations range from 10 million Pakistani rupees ($35,000) to 200 million, writes Al Jazeera.

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Photo: Courtesy of Nelson Antoine via Shutterstock

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