Since the legalization of hemp and cannabis in Thailand on June 9, 2022, the country’s hemp industry has experienced significant growth. Entrepreneurs, united under the Thai Industrial Hemp Trade Association (TIHTA), have been working together to drive the development and unity of the Thai hemp industry. Their objective is to position the Thai hemp market to effectively meet the global demand for hemp products.
Thailand’s hemp and cannabis industry has been thriving since 2021, with the establishment of standards governing the use of hemp and cannabis-derived materials across various sectors. Currently, there are approximately 14 industries connected to hemp and cannabis, including medical, food and beverage, dietary supplements, cosmetics, pharmaceuticals, automotive, and construction. The potential for development in these industries, particularly in the medical field, has highlighted the numerous benefits of hemp and cannabis-derived ingredients or extracts. This aligns with the efforts of other countries that are studying and developing policies to enhance access to the benefits of hemp and cannabis.
“The Asia International Hemp Expo 2023” is an upcoming event that showcases the continuous progress of the Thai hemp industry. Hosted in collaboration with N.C.C. Management & Development Limited Company, the expo aims to present advancements in innovation, knowledge, products, and foster connections within domestic and international markets. This event plays a vital role in promoting the industry and enhancing its competitiveness globally.
The association emphasizes the need for entrepreneurs to focus on creating added value in the hemp and cannabis industry, rather than solely focusing on cultivation. By using extracts from hemp as ingredients in widely used herbal medicines, entrepreneurs can generate significant market value. It is essential for entrepreneurs to study and develop knowledge about hemp in order to create added value, thereby accelerating the growth of the industry.
Furthermore, the hemp and cannabis industry aligns with the United Nations’ Sustainable Development Goals (SDGs), which encompass aspects such as health, well-being, clean energy accessibility, sustainable production and consumption practices, and global cooperation for sustainable development.
Last year’s expo saw the participation of over 300 entrepreneurs from around the world, covering various aspects of the hemp industry. This event received significant attention from industries such as food, animal feed, pharmaceuticals, and cosmetics. This year, the event expects to attract no fewer than 10,000 attendees, with a turnover value of at least 8 billion baht. It provides a valuable opportunity for the “Asia International Hemp Expo & Forum 2023” event to further expand opportunities in the hemp industry.
The event will present technologies and solutions across 14 major industries, promoting sustainable practices based on the BCG economic model. It will serve as a platform for business networking between Thai industry players and international investors. Additionally, the expo will feature cultural exhibits, such as an art exhibition showcasing works created from recycled materials from the industrial sector, aiming to inspire creativity within the Thai hemp industry.
Participating in the “Asia International Hemp Expo & Forum 2023” event offers industry stakeholders the chance to showcase their technology, innovations, and international hemp and cannabis products in Asia. It enables them to network with business leaders, prepare for the future market, and exchange knowledge with industry players. The event will be held from November 22 to 25, 2023, at the Queen Sirikit National Convention Center in Bangkok.
In conclusion, Thailand’s legalization of hemp and cannabis has brought significant opportunities for the growth and prosperity of the country’s hemp industry. With events like the “Asia International Hemp Expo & Forum 2023,” entrepreneurs and industry players can come together to foster innovation, develop valuable products, and contribute to the sustainable development of the industry.