Thailand has taken cannabis and hemp extracts off its narcotics list, according to a report published by Reuters, paving the way for a thriving CBD beauty market in the Southeast Asian country.
“The intention is to allow extracts to be used in medicine, cosmetics and food and support hemp as a cash crop,” Tares Krassanairawiwong, Secretary-General of the Thai Food and Drug Administration told Reuters.
While marijuana was legalized for medical use last year, this latest move paves the way for CBD to be produced in the country. Production, cultivation and sale will be reserved for Thai nationals for the first five years. The market is expected to hit a value of US$660 million before the market opens up.