Cannabis & Hemp IndustryGold report

Published May 2026Insight Research22 min read2026 Edition15 sources, 10 primary-gradeVery high source depth

Thailand Cannabis & Hemp Industry Market Intelligence

Thai cannabis recriminalised June 2025 (controlled-herb, prescription-only). ~11,000 dispensaries surviving from 18,433; hemp/CBD continues for cosmetics, food. Cannabis & Hemp Act draft pending.

Key takeaways

1
Thailand recriminalised cannabis on 26 June 2025: cannabis flower is now a controlled herb under the Thai Traditional Medicine Knowledge Act, prescription-only (max 30-day validity), with the MoPH notification published in the Royal Gazette taking effect immediately.
2
The dispensary count has compressed from 18,433 at peak to ~11,136 by February 2026 (7,297 closures after licence renewal). The Cannabis & Hemp Act draft remains pending in parliament, so the country still relies on a patchwork of ministerial notifications rather than a unified statute.
3
Market size peaked near in 2024 (Grand View Research) and is contracting through 2025-2026 as recreational demand evaporates. Medical cannabis and hemp/CBD wellness, cosmetics absorb a portion of the demand; recreational volume is structurally lost.
4
Listed exposure is thin and mostly adjacency: R&B Food Supply (SET: RBF) was the headline hemp/F&B proxy 2021-22; K.W. Metal Work (SET: KWM) is cultivation-equipment adjacency; East Coast Furnitech (SET: ECF) flagged cannabis diversification then unwound. Most operators are private, cooperative, or state (GPO).
5
Hemp < THC remains a separate regulatory stream. Cosmetics manufacture is permitted domestically (import banned), food and beverage applications are tightly restricted, and ASEAN/EU export pathways exist but require Thai FDA export licences plus destination-country permits under the Single Convention on Narcotic Drugs.

Executive summary

Thailand's cannabis trajectory has reversed sharply. Decriminalisation on 9 June 2022 made Thailand the first Asian country to remove cannabis from the narcotics schedule, triggering an 18,433-dispensary boom and a market that Grand View Research sized at in 2024. On 26 June 2025, the Ministry of Public Health issued the Notification Re: Controlled Herbs (Cannabis), B.E. 2568, reclassifying cannabis flower under the Protection and Promotion of Thai Traditional Medicine Knowledge Act and requiring a licensed-practitioner prescription valid for no more than 30 days. By February 2026, DTAM reported 7,297 of 18,433 dispensaries had closed after failing to renew under stricter rules.^{[, , ]}

The statute landscape remains incomplete. Draft Cannabis & Hemp Act version 3 sits in parliament; in its absence the country operates through ministerial directives, controlled-herb notifications, ONCB enforcement coordination, FDA narcotics-division licensing, and local zoning rules. The Office of the Narcotics Control Board polices THC content above , dispensary advertising bans, and cross-border trafficking. Hemp and CBD below the THC line remain in a parallel regime: industrial hemp licensed by the Department of Agriculture (MoAC), cosmetic uses permitted (with import of finished cannabis cosmetics banned), and food applications tightly restricted.^{[, , , ]}

Operator landscape is fragmented. Medical cannabis cultivators and clinics cluster around RCH8 Cannabis Group (Chiang Mai), Rakanok Cannabis Wellness (Bangkok), Eastern Spectrum Group (integrated GACP), Amber Farm and Iridescent Medical (EU-GMP track), with the Government Pharmaceutical Organization producing medical cannabis oil for the public-system supply. Listed exposure is thin: R&B Food Supply (RBF) rallied on the 2022 hemp narrative, K.W. Metal Work (KWM) sells cultivation equipment, East Coast Furnitech (ECF) announced a cannabis pivot that has since been quietly unwound. Most economic value sits in private operators, farmer cooperatives, and a long tail of ~11,000 surviving licensed dispensaries operating under the new prescription regime.^{[, , , ]}

MoPH, DTAM, FDA, ONCB, MoAC, SET factsheets, Grand View Research

Data as of: 2025-2026 transition

Thai cannabis & hemp market size trajectory (USD billion, 2021-2025E)

2021

Market (USD B)

0.7

Context

Pre-decriminalisation; medical-only baseline since 2018

2022

Market (USD B)

1.0

Context

9 June decriminalisation; dispensary boom begins

2023

Market (USD B)

1.2

Context

Peak operator count (18,433 dispensaries); regulatory gap

2024

Market (USD B)

1.3

Context

Grand View peak estimate; political pressure mounting

2025

Market (USD B)

0.9

Context

26 June recriminalisation; recreational demand collapses

Year	Market (USD B)	Context
2021	0.7	Pre-decriminalisation; medical-only baseline since 2018
2022	1.0	9 June decriminalisation; dispensary boom begins
2023	1.2	Peak operator count (18,433 dispensaries); regulatory gap
2024	1.3	Grand View peak estimate; political pressure mounting
2025	0.9	26 June recriminalisation; recreational demand collapses

Grand View Research, Statista, SCB EIC, DTAM

Data as of: 2025 partial, 2026 in-flight

2025 figure reflects half-year recriminalisation impact; 2026 directional view in scenarios table.

Use case mix (% of 2026 estimated activity)

Hemp / CBD wellness, cosmetics

Share %

38%

Notes

Topicals, skincare, ingredient supply; domestic manufacture only

Medical cannabis (prescription)

Share %

24%

Notes

FDA-licensed clinics, pharmacies, GPO supply

Hemp industrial (fibre, seed)

Share %

15%

Notes

MoAC DoA licensed; textile, construction, ingredient export

Hemp food, beverage, supplements

Share %

13%

Notes

Restricted in food; seed-derived ingredients allowed

R&D, pharma cannabinoid

Share %

10%

Notes

Academic, GPO, EU-GMP track operators

Use case	Share %	Notes
Hemp / CBD wellness, cosmetics	38%	Topicals, skincare, ingredient supply; domestic manufacture only
Medical cannabis (prescription)	24%	FDA-licensed clinics, pharmacies, GPO supply
Hemp industrial (fibre, seed)	15%	MoAC DoA licensed; textile, construction, ingredient export
Hemp food, beverage, supplements	13%	Restricted in food; seed-derived ingredients allowed
R&D, pharma cannabinoid	10%	Academic, GPO, EU-GMP track operators

FDA, MoAC, TIHTA, Grand View, operator disclosures

Data as of: 2026 estimate

Analyst framing

Why this report

Cannabis is the rare Thai sector where the legal regime moved twice in three years. Buyers need an unsentimental read on what the medical-only baseline supports, where hemp/CBD growth is real, and which listed exposures to ignore now that recreational is gone.

Operator playbooks

RCH8 Cannabis Group: Chiang Mai-headquartered private cultivator, processor, and clinic operator. One of the larger integrated medical cannabis groups, with GACP-certified greenhouses and a clinic network that survives under the prescription regime. Strategic position: scale on the medical side, partnership pathway for export-quality flower.

Rakanok Cannabis & Wellness: Bangkok-centred wellness clinic chain with retail CBD products, well-known in the 2022-23 boom. Has rationalised the lifestyle footprint and pivoted toward licensed wellness consultations under the controlled-herb regime. Strategic position: brand equity in urban wellness segment.

Eastern Spectrum Group: integrated cultivator and CBD extractor positioned for export. GACP certification, EU-GMP track work in progress. Strategic position: one of few operators credibly building toward EU pharmaceutical-grade CBD isolate.

Amber Farm: medical-grade flower cultivator with EU-GMP-track ambition; supplies licensed clinics, pharmacy channels. Strategic position: quality-led niche, narrow but defensible.

Iridescent Medical: integrated commercial facility marketed at international operators, GACP plus EU-GMP pathway. Strategic position: B2B export and licensing focus, less dependent on Thai retail.

Government Pharmaceutical Organization (GPO): state-owned producer of medical cannabis oil distributed through the public-hospital system. Strategic position: anchors the public-supply medical pathway and serves as policy reference benchmark.

R&B Food Supply (SET: RBF): listed F&B ingredients group that was the headline hemp adjacency in 2021-22, rallying on hemp-licence speculation. Cannabis exposure has been quietly de-emphasised post recriminalisation; the company is now disclosed as a conventional F&B ingredients story. Strategic position: residual hemp-ingredient capability if Cannabis & Hemp Act reopens food applications.

K.W. Metal Work (SET: KWM), East Coast Furnitech (SET: ECF): agricultural-machinery and furniture listed names that signalled cannabis adjacency in the 2022 cycle. KWM retains cultivation-equipment exposure; ECF has unwound its cannabis pivot. Both are illustrative of how thin and transient the listed cannabis trade was at peak.

Operator concentration (2026 estimated activity share)

Surviving licensed dispensaries (~11,000)

Share %

32%

Kind

Atomised retail

Notes

Long tail under prescription regime; most informal

Other (cooperatives, R&D, smaller operators)

Share %

30%

Kind

Mixed private

Notes

Farmer cooperatives, universities, small clinics, hemp processors

RCH8 Cannabis Group

Share %

Kind

Private medical

Notes

Chiang Mai integrated cultivator, clinic operator

Rakanok Cannabis & Wellness

Share %

Kind

Private clinic chain

Notes

Bangkok wellness, CBD retail

Eastern Spectrum Group

Share %

Kind

Private cultivator

Notes

Integrated GACP, CBD extraction for export

Amber Farm

Share %

Kind

Private cultivator

Notes

Medical-grade flower, EU-GMP-track

Iridescent Medical

Share %

Kind

Private cultivator

Notes

Integrated facility, GACP, EU-GMP pathway

Government Pharmaceutical Organization

Share %

Kind

State enterprise

Notes

Medical cannabis oil for public hospitals

R&B Food Supply (SET: RBF)

Share %

Kind

Listed F&B adjacent

Notes

Legacy hemp/CBD exposure; now hedged

Operator cohort	Share %	Kind	Notes
Surviving licensed dispensaries (~11,000)	32%	Atomised retail	Long tail under prescription regime; most informal
Other (cooperatives, R&D, smaller operators)	30%	Mixed private	Farmer cooperatives, universities, small clinics, hemp processors
RCH8 Cannabis Group	9%	Private medical	Chiang Mai integrated cultivator, clinic operator
Rakanok Cannabis & Wellness	7%	Private clinic chain	Bangkok wellness, CBD retail
Eastern Spectrum Group	6%	Private cultivator	Integrated GACP, CBD extraction for export
Amber Farm	5%	Private cultivator	Medical-grade flower, EU-GMP-track
Iridescent Medical	4%	Private cultivator	Integrated facility, GACP, EU-GMP pathway
Government Pharmaceutical Organization	4%	State enterprise	Medical cannabis oil for public hospitals
R&B Food Supply (SET: RBF)	3%	Listed F&B adjacent	Legacy hemp/CBD exposure; now hedged

FDA, DTAM, TIHTA, SET factsheets, operator disclosures

Data as of: 2026 estimate

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Operator playbooks across medical, hemp, cosmetics, regulatory framework, scenarios on Cannabis & Hemp Act passage, full company list, and ASEAN comparison.

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Key figures

Selected anchors from the report evidence pack.

2022-2025 (MoPH DTAM register)

~5,000-6,000 (2025e)

Thailand licensed cannabis dispensary count (2022-2025)

Ministry of Public Health, FDA Thailand, Bangkok Post cannabis policy tracking

2022-2025 (analyst-house and central-bank research estimates)

~USD 0.9-1.1B (2024)

Thailand cannabis market size (2022-2025)

Prohibition Partners Asia Cannabis Report, University of the Thai Chamber of Commerce, Krungsri Research, SCB EIC

2020-2024 (Thai Customs export data)

~USD 60-75M (2024)

Thailand hemp and CBD-product export value (2020-2024)

Thai Customs export data, 3304 CBD-bearing cosmetics, 1518 hemp oil), Thai FDA, Ministry of Commerce

FY2024

~280-320 active licences (2024)

Thailand medical cannabis cultivation and processing licences

Thai FDA Narcotics Control Division, Ministry of Public Health Department of Thai Traditional and Alternative Medicine, Government Pharmaceutical Organization

FY2024

Thailand most permissive in ASEAN despite rollback

ASEAN cannabis policy comparison (2024)

Prohibition Partners ASEAN Cannabis Report, ASEAN Ministerial Meeting on Drug Matters disclosures, regional cannabis policy trackers

2018-2024

Six major policy events

Thailand cannabis policy timeline (2018-2024)

Royal Thai Government Gazette, Ministry of Public Health policy disclosures, Bangkok Post and Thai PBS legislative coverage

2023 peak to mid-2025

~45-50% of 2023 peak

Surviving licensed dispensary share after rollback

Ministry of Public Health DTAM register, Thai Cannabis Future Network, Thai Industrial Hemp Trade Association

2025 estimate

~30-35% (rising)

Pharmacy and medical channel share of cannabis sales (2025e)

University of the Thai Chamber of Commerce, Krungsri Research, MoPH DTAM, GPO disclosures

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