Kris, of the center, says there is an opportunity to develop a range of hemp-based products to meet growing consumer demand.
Golden Triangle Group (GTG) has launched several hemp-based balms to serve consumers who are interested in the medical benefits of hemp and the company plans to develop more new products for the market later this year.
Cannabidiol oil-based balms (CBD) have been produced under the Raksa brand, following research into a high-quality hemp gene and hemp crop, said Kris Thirakaosal, CEO and co-founder of GTG.
CBD oil is known for its potential to treat many diseases.
“Our hemp flowers contain 15.8% CBD oil and 0.2% tetrahydrocannabinol. [THC] oil, “he said.
CBD oil is extracted to produce Raksa brand products, which have been approved by the Food and Drug Administration.
GTG believes that hemp-based products, including skin care products, have the potential to grow. The plant will not only lead to new business but, along with cannabis, can be turned into new economic crops for the country.
GTG plans to introduce hemp-based foods and beverages during the second half of this year to serve customers. In addition, it will look for new investment opportunities in the business-to-business (B2B) segment.
“We have over 10 new products that are expected to debut throughout the year,” Kris said.
The value of the Thai hemp market is expected to reach 15.7 billion baht by the end of 2025, with a compound annual growth rate of 126%, GTG said, citing an estimate by the Krungsri Research Center.
Food and beverages, medicines, dietary supplements and clothing are the key industries to benefit from hemp.
This year, GTG has set a revenue target of 270-300 million baht, with an average growth of 55% per year. The company expects to have a market share of 6.3% in the Thai hemp industry over the next three years.
Hemp, grown with high-quality agriculture, also seems to be doing well with the trend of organic farming, the company said.
The market value of organic products and herbs in Thailand increased by 20% between 2017 and 2021 as consumers and the elderly became increasingly interested in healthy lifestyles.
