Thailand's Cannabis Prices Drop Amid Oversupply And Legal Uncertainties, Pakistan Senate Reviews Market Potential

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

Thailand Cannabis Prices Fall, Legal Uncertainties Rise With New Prime Minister

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

Affected by this price drop, some local cannabis growers and producers are turning to new cultivation technologies to enhance the quality and value of their marijuana products. More specifically, some cultivators are using Aeroponic technology with the goal of reaching international markets. With Aeroponic technology, growers can cultivate high-quality plants that meet the export standards of Europe and Australia. In these markets, cannabis can reach the price of 100,000 baht per kilogram.

One company using Aeroponic technology and targeting other global markets is Oriental Plantation Co., Ltd., in the Suranaree Industrial Zone in Nakhon Ratchasima. It has already received orders from Australia and Germany.

Apiban Sriy, executive of Oriental Plantation, stressed that large European markets such as Germany are highly competitive, which means that products need to match the quality of competitors and meet market standards. Sriy also noted that cannabis in Thailand is still facing legal uncertainties.

In July, Thailand's Deputy Prime Minister and Bhumjaithai (BJT) party leader, Anutin Charnvirakul, confirmed that then Prime Minister Srettha Thavisin agreed that proper regulation is a better solution than previously announced cannabis recriminalization.

In the meantime, Thailand's Constitutional Court has removed Thavisin from office for appointing a minister with a criminal conviction, and Paetongtarn Shinawatra was named the new prime minister. While it is still unclear how Shinawatra will act on cannabis laws, her previous statements reveal that she has not supported marijuana legalization, citing concerns it may cause more harm than benefit, reports ThaiPBS, according to translation.  

Read Also: Marijuana And Hemp Around The Globe: Spanish Scientists’ THC Detection Method, New Zealand’s Medical Marijuana Exports, Thailand Update & More

Pakistan: Senate Committee Discusses Economic Potential Of Cannabis  

The Senate Standing Committee on Science and Technology heard testimony on Monday about the economic potential of cannabis, writes Business Recorder.

Dr. Syed Hussain Abidi, chairman of the Pakistan Council of Scientific and Industrial Research (PCSIR), noted that medical marijuana is a $30 billion global market. Abidi further discussed marijuana's applications in textiles, food and construction, noting it has a market potential of $4 to $5 billion.

PCSIR has already developed various hemp products, such as tea, cookies, jams and curative oils.

In April, Pakistan began to work on establishing the Cannabis Control and Regulatory Authority (CCRA), a regulatory body in charge of issuing licenses to growers and sellers, as well as designating regions for cultivation. The board of governors of CCRA has been finalized, with the secretary for the Defense Division as chairperson and the chief secretary of each province as members. The committee recommended that two Senators also become members of the board.

Under the CCRA regulatory framework, the level of THC in the cannabis derivative cannot exceed 0.3% to avoid the abuse of medical products by using them recreationally. Penalties for violations range from 10 million Pakistani rupees ($35,000) to 200 million, writes Al Jazeera.

Read Next:

• 3 Years After Cannabis Reform In Malta, Regulator Says Harm Reduction Approach Is Working & More Pot Updates Across Europe

Photo: Courtesy of Nelson Antoine via Shutterstock

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