TOAT Targets Cannabis Businesses to Compensate Declining Tobacco Income
BANGKOK (NNT) – The Tobacco Authority of Thailand (TOAT) expects lucrative businesses related to cannabis and hemp extracts will help compensate for deteriorating income from tobacco production.
TOAT Governor Panuphol Rattanakanjanapatra said TOAT is drafting a ministerial regulation to give the organization an authority to grow and produce extracts from cannabis and hemp, which can be used in medicine and cosmetics.
He said clarity is needed on TOAT conducting R&D on cannabis and hemp for commercial purposes although the Tobacco Act stipulates TOAT can produce tobacco leaves and other plants. TOAT has already discussed with the State Enterprise Policy Office and the Office of the Council of State for TOAT to be involved with cannabis and hemp businesses.
The governor said the business value of cannabis and hemp could reach tens of billions of baht, which can compensate for a decline in tobacco income stemming from the tobacco tax structure.