Medical Cannabis & CBD ProductsSilver report

Published March 2026Insight Research15 min read2026 Edition15 sources, 15 primary-gradeVery high source depth

Thailand Medical Cannabis & CBD Market Intelligence

Thai cannabis regulatory pivot: 2022 decriminalisation → 2024/25 re-regulation to medical, CBD wellness only. GPO, MoPH FDA; DOD, STA, CP listed exposure.

Key takeaways

1
Thailand's cannabis regulatory pivot: 2022 decriminalisation (first Asian country) → 2024-25 re-regulation back to medical-only, CBD wellness, licensed retail, closing the 2022-24 grey retail boom. Cannabis & Hemp Act draft in final reading parliament.
2
Legal segments now: medical cannabis prescription, clinics (~), CBD wellness, cosmetics, supplements (~, < THC threshold), hemp-extract processing, export (~), pharma-grade cannabis extract (GPO / Government Pharmaceutical Organization manufacturing, ~).
3
Market reset: 2022-23 grey boom reached ~ retail (weed shops, tourist, recreational); 2024 reset to ~ covering medical, licensed wellness only. Thousands of grey retail operators closed 2024-25; licensed operator count now ~300-500 (TBC once new Act finalised).
4
Listed exposures: DOD Biotech (SET: DOD) cannabis, CBD skincare, supplements; STA (SET: STA — Sri Trang Agro-Industry via cannabis subsidiary); Rojukiss (SET: KISS) CBD cosmetics line; CP Axtra (SET: CPAXT) pharmacy cannabis pilots; GBS Group pharmacy-clinic network (private). Privatee: Thai Cannabis Corporation, Ganja Biotech, boutique wellness operators.
5
Regulatory: MoPH FDA Cannabis Division, GPO (Government Pharmaceutical Organization, medical cannabis extract monopoly), DTAM (Department of Traditional & Alternative Medicine) prescription clinics, ONCB (Narcotics Control Board) recreational enforcement. WHO medical cannabis framework, UNODC Thailand monitoring set international context.

Executive summary

Thailand's cannabis regulatory journey has been one of the most volatile in Asia. In June 2022, Thailand removed cannabis (marijuana) from its Category 5 narcotic schedule under the Narcotics Act, becoming the first Asian country to decriminalise cannabis. The subsequent 2022-24 period saw a grey retail boom — thousands of weed shops, tourist-oriented dispensaries, recreational-friendly wellness businesses opened across Bangkok, Phuket, Koh Samui, Chiang Mai. The boom reached ~ peak retail estimated by industry sources.^{[, ]}

In 2024-25, under a new government coalition, Thailand re-regulated cannabis back to medical-only, CBD wellness, licensed retail. The grey retail boom collapsed; thousands of weed shops closed 2024-25 as licensing, THC-threshold enforcement tightened. The Cannabis & Hemp Act (in final parliamentary reading 2025-26) establishes the permanent legal framework: medical-only for THC-containing products, CBD wellness permitted under < THC threshold, licensed prescription clinics, tighter enforcement against recreational sale. The market reset to ~ in 2024 across medical, licensed wellness segments.^{[, ]}

Legal segments now: medical cannabis prescription, clinics ~ (including GPO pharma-grade extract, DTAM prescription clinics, private specialty clinics), CBD wellness, cosmetics, supplements ~ (cosmetics with < THC threshold are the largest sub-segment), hemp-extract processing, export ~ (Thailand-sourced hemp biomass, extract), pharma-grade cannabis extract ~ (GPO manufacturing, FDA-approved import). Listed exposures: DOD Biotech (SET: DOD) — cannabis, CBD skincare, supplements; STA (SET: STA) cannabis subsidiary; Rojukiss (SET: KISS) CBD cosmetics; CP Axtra (SET: CPAXT) pharmacy cannabis pilots; GBS Group (private pharmacy-clinic network). Private: Thai Cannabis Corporation, Ganja Biotech, boutique wellness operators.^{[, , , , , , ]}

MoPH FDA, GPO, DTAM, ONCB, Cannabis & Hemp Act, listed company filings

Data as of: FY2024

Thai medical cannabis, CBD market (THB billion, 2020-2024)

2020

Market (THB B)

0.5

Context

Pre-decriminalisation; medical only

2021

Market (THB B)

1.5

Context

Medical growth; hemp starts scaling

2022

Market (THB B)

Context

June 2022 decriminalisation; grey boom begins

2023

Market (THB B)

Context

Grey boom peak; thousands of weed shops

2024

Market (THB B)

Context

Re-regulation; grey boom collapses; reset to medical, licensed wellness

Year	Market (THB B)	Context
2020	0.5	Pre-decriminalisation; medical only
2021	1.5	Medical growth; hemp starts scaling
2022	15	June 2022 decriminalisation; grey boom begins
2023	35	Grey boom peak; thousands of weed shops
2024	18	Re-regulation; grey boom collapses; reset to medical, licensed wellness

MoPH FDA, GPO, DOD, STA, trade press triangulation

Data as of: 2024

Segment mix (% FY2024 post-re-regulation)

Medical cannabis (prescription, clinics)

Share %

40%

Context

GPO, DTAM, private specialty clinics

CBD wellness, cosmetics, supplements

Share %

30%

Context

< 0.2% THC threshold; Rojukiss, DOD, MNC cosmetics

Hemp extract, processing, export

Share %

18%

Context

Thai hemp biomass, extract

Pharma-grade cannabis extract

Share %

12%

Context

GPO manufacturing, FDA-approved

Segment	Share %	Context
Medical cannabis (prescription, clinics)	40%	GPO, DTAM, private specialty clinics
CBD wellness, cosmetics, supplements	30%	< 0.2% THC threshold; Rojukiss, DOD, MNC cosmetics
Hemp extract, processing, export	18%	Thai hemp biomass, extract
Pharma-grade cannabis extract	12%	GPO manufacturing, FDA-approved

MoPH FDA, GPO, listed company, trade press

Data as of: FY2024

Analyst framing

Why this report

Thai cannabis reset from grey-boom back to medical, licensed wellness. Regulatory risk is the primary investor variable. GPO, MoPH FDA, DTAM channel the legal market. DOD, STA, KISS, CPAXT listed exposures.

Operator playbooks

Listed: DOD Biotech (SET: DOD) operates cannabis, CBD skincare, supplements lines — was one of the earliest listed pure-play cannabis exposures. Sri Trang Agro-Industry (SET: STA) cannabis subsidiary pursues hemp-extract, pharma-grade. Rojukiss (SET: KISS) runs CBD cosmetics line across premium skincare. CP Axtra (SET: CPAXT — CP ALL subsidiary post-Lotus merger) operates pharmacy cannabis pilots, prescription-clinic partnerships. GBS Group (private, Rxpress Pharmacy, cannabis-extract clinics) is the pharmacy-clinic network.

Private: Thai Cannabis Corporation (TCC) is among the scaled Thai cannabis operators. Ganja Biotech focuses on extract, processing. Numerous boutique wellness operators, licensed dispensary chains remain active post-re-regulation but at smaller scale. GPO (Government Pharmaceutical Organization) holds the medical cannabis extract state monopoly — contracts Thai farmers, processes pharma-grade extract, distributes to prescription clinics, hospitals.

Channel: DTAM (Department of Traditional & Alternative Medicine) operates prescription clinics, traditional Thai medicine integration. Private specialty clinics operate under MoPH licensing. CBD wellness, cosmetics reach via Watsons, Eveandboy, Boots, Central Beauty, specialty wellness retail, Shopee, Lazada, TikTok Shop. Hemp-extract export flows via Thai Customs under licensed shipment.

Regulatory timeline, framework

Pre-2022: cannabis a Category 5 narcotic under Narcotics Act 1979; medical use permitted under Cannabis & Hemp Act 2019 amendments. June 2022: Thailand removed cannabis from Category 5 via MoPH notification — first Asian country to do so. 2022-24 grey boom: thousands of weed shops, dispensaries opened; tourist, recreational segment largely unregulated. 2024: new coalition government reversed stance; re-regulation via MoPH ministerial notifications restricted to medical-only, CBD wellness. 2024-25: Cannabis & Hemp Act draft in parliamentary reading — would establish permanent framework codifying medical-only, < 0.2% THC wellness, tight recreational prohibition.

Enforcement: MoPH FDA Cannabis Division licenses medical, wellness operators, enforces THC thresholds on cosmetics, supplements. GPO holds medical extract state monopoly. DTAM operates prescription clinics. ONCB (Narcotics Control Board) enforces against recreational, unlicensed sale. International: WHO ECDD scheduling of CBD, medical cannabis provides reference framework; UNODC Thailand monitors drug-policy implementation.

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Key figures

Selected anchors from the report evidence pack.

FY2024

~THB 18B

Thailand medical cannabis, CBD market size

MoPH FDA, GPO, industry triangulation

2024 regulation

<0.2% THC

CBD wellness THC threshold

MoPH FDA Thailand

2022-2023 peak

~THB 35B

Grey-boom peak market

Industry estimate, trade-body triangulation

2022 policy

2022

Cannabis decriminalisation year

MoPH, Royal Thai Gazette

FY2024

5 key names

SET-listed cannabis exposures

SET filings

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