The Thai Industrial Hemp Trade Association (TiHTA) on Friday, September 16th, jointly signed a Memorandum of Cooperation (MoU) with 12 manufacturing industry associations to promote the utilization of hemp in the industrial and medical sectors in Thailand.
TiHTA President Pornchai Padmindra revealed that plantations gained more popularity after the decriminalization. In order to drive industrial hemp to a creative and sustainable economy, the Association, therefore, began to study and plan the development of the plants for a variety of productions, such as food, animal feed, biocomposite, cosmetics, as well as health products related to medicines and dietary supplements.
“This will be Asia’s first B2B or ‘Business to Business’ hemp industry that includes 12 industries to jointly develop the use of the plantations, including the automotive and aerospace sector, food and beverages, dietary supplements, medicine, spas and herbs, cosmetics, fashion clothing and textiles, health tourism, furniture, animal feed, etc.”
Sustainable development is expected to create enormous economic value for the plant and may generate income of more than 20 billion baht within 5 years, according to the president.
Additionally, the association will also organize the “Asia International Hemp Expo 2022” at the Queen Sirikit National Convention Center every year to develop the beneficial use of the plants as well as to promote Thailand as a hub for the hemp industry in Asia. The first exhibition will be held between November 30th and December 3rd this year.
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