Hemp goes from zero to economic hero
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A slew of Thai companies have identified opportunities and are planning to ride the wave
published : 1 Mar 2021 at 07:00
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Hemp, a weed that was long regarded as a forbidden plant and included on the country s narcotics list, is taking Thailand by storm.
Ten categories of goods or products ranging from mouth spray, food supplements, skincare products and energy drinks to painkillers and spa products are cashing in on hemp s hype after the government legalised commercial growing in the country last year to promote hemp and cannabis as new cash crops.
From Jan 29, the Food and Drug Administration (FDA) has allowed individuals, legal entities, government offices, community enterprises and companies to register to use the legal parts of cannabis and hemp for medical purposes, as well as in the textile, pharmaceutical and cosmetics industries.
TET: What is the current business model and outlook?
Apart from the beauty products business that has been growing continuously, we have added new businesses to enhance product variety and diversify risks. In 2018, a subsidiary; Dream Dermatology Co., Ltd. was established to engage in distributing a cosmetic dermatology brand Oxe Cure that was acquired from Well Grow Med Co., Ltd. We have executed marketing activities and rebranded the product to improve the business gradually. Meanwhile, we have always been on the lookout for new opportunities to add to the portfolio. At the beginning of 2020, we expanded to the beauty equipment business, with the acquisition of shares of Kuron Co., Ltd. who owns the brands Lesasha and Sparkle.