Thailand's Cannabis Reversal: Major Energy Developer Pulls $56M Investment, Poll Shows 76% Support PM's Recriminalize Plan

Despite recent protests since the Thai government announced its plan to reverse a 2022 decision and recriminalize cannabis by classifying it as a narcotic, a recent survey showed some 76% of respondents "totally agreed" or "rather agreed" with Prime Minister Srettha Thavisin's decision.

The poll, conducted via phone last week among 1,310 Thai nationals over 18, showed about 23.4% disagreed with the move, while 0.9 percent declined to answer or said they had no interest, reported the South China Morning Post.

Blow To Fledgling Marijuana Industry And Thai Tourism

The proposed policy reversal is another blow to Thailand's nascent cannabis industry, after decriminalization was pitched as a way to boost agricultural income and the country's wellness tourism industry. Srettha has also vowed to restrict the use of marijuana for medical purposes.

Cannabis advocacy groups rallied against the PM's controversial order, asking the government to reconsider the plan to protect the interest of a rising industry and a large community of growers.

Nearly 8,000 dispensaries and a large number of consumer-agriculture firms have cropped up across Thailand, selling everything from cannabis buds to oil extracts and candy infused with the plant's active chemicals.

Investors And Engineers Fleeing Until Further Notice

Gunkul Engineering, a publicly-traded renewable energy developer that diversified into the cannabis and hemp business three years ago, announced it is suspending further investment in cannabis due to its nearly 2-billion-baht ($56.4 million) budget pending clarity from the government regarding its policy shift on cannabis, reported the Bangkok Post.

The company, through its subsidiary GK Hemp Group, spent almost 500 million baht ($14 million) developing facilities for the project, but is freezing the budget for development following the government's announcement to classify cannabis as a narcotic. “Authorities should come up with regulations stating clearly that cannabis must be used for medical or recreational purposes, putting an age limit on buyers and allowing sales only in certain areas,” said Sopacha Dhumrongpiyawut, chairperson of Gunkul.

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Photo courtesy Surat Thani police.