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420 with CNW — Possible Legalization Reversal Has Thai Cannabis Advocates Worried

Cannabis News Wire, Media Partners

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Thai Ganja TV has been a platform where marijuana enthusiasts have closely followed the remarkable transformation of the drug from being a banned substance to a legalized medicinal plant and eventually a recreational indulgence. However, a year after the decriminalization of cannabis in Thailand, the platform’s approximately 90,000 followers are now witnessing with bemusement the threats from rival politicians who seek to once again outlaw or strictly regulate open consumption and dispensaries.

At the forefront of this debate is the soon-to-be prime minister, Pita Limjaroenrat, whose party MFP surprisingly emerged as the winner in the May 14, 2023, general elections. Although MFP is generally seen as the most progressive political party in Thailand, marijuana advocates argue that it is spearheading the movement to curtail recreational use, casting a shadow over the nation’s multibillion-dollar marijuana industry.

Pita now asserts that the marijuana boom should be temporarily halted to control recreational use until the next government passes the proposed marijuana act, which would establish clear guidelines on the sale and consumption of the drug. This aligns with the perspective of Pita’s alliance, comprised of eight parties, several of which are from the conservative, largely Muslim provinces of southern Thailand.

The alliance’s position on cannabis has infuriated Health Minister Anutin Charnvirakul, who championed the substance’s liberalization and refuses to support any government that aims to retract the current laws, even on a temporary basis. Anutin’s party, Bhumjaithai, holds 71 seats, which gives it considerable influence in determining the next government’s composition.

While politicians engage in disputes, marijuana advocates are growing increasingly frustrated with the uncertainties surrounding their industry. The legal ambiguity has eroded investor confidence, despite the industry’s rapid growth after decriminalization. Thailand has experienced a visible transformation with regard to cannabis, as it swiftly transitioned from a country with severe penalties for cannabis possession to one of the most permissive environments for its use and sale.

Exploiting the legislative gaps resulting from the failure to enact the marijuana act, both Thai residents and tourists openly consume cannabis on the streets. The market has also been flooded with illegal imports, primarily from North America, providing ample ammunition for opponents of the liberal marijuana culture.

Kobboon Chatrakrisaeree, a small-scale farmer in a Bangkok suburb, says the initial excitement following decriminalization has subsided. He claimed that due to the lack of appropriate restrictions, cannabis is now polluted by careless company owners who sell to minors and by people who openly smoke on the streets as if they were in Canada.

The regulatory uncertainty seen in the marijuana industry around the world has created an opportunity for enterprises such as IGC Pharma Inc. (NYSE American: IGC) to develop medicines from marijuana. These entities plan on getting FDA approval for those therapeutics so that patients can easily access the novel treatments sans fearing that they could run afoul of prohibitive laws or complex state-level marijuana regulations.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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