5th CISW MedCann Investment Summit World 2024: Focus on Medical Cannabis Regulation and Export Opportunities
The 5th CISW MedCann Investment Summit World 2024 took place at the prestigious Intercontinental Hotel in Bangkok from September 28 to 30, attracting global attention from investors, regulators, and industry experts in the cannabis and hemp sector. The event was a convergence of thought leaders, policymakers, and businesses seeking to explore the evolving opportunities and regulatory challenges in the medical cannabis industry.
A key highlight of the summit was the participation of Mr. Diego Sala, Director of Siam Trade Development, who was invited as a keynote speaker. Dr. Sala’s presentation focused on the Thai GACP (Good Agricultural and Collection Practices) standard for export, offering insight into the regulatory landscape governing cannabis cultivation in Thailand. As Thailand positions itself as a regional hub for cannabis cultivation and export, adherence to GACP standards has become crucial for producers aiming to enter international markets.
Sharing the stage with Sala were other esteemed figures in the field, such as Dr. Kampon Sriwatanakul, Chairman of the Thailand Charter of Health, and Prof. Thavatchai Kamoltham, Director of the Cannabis Health Science Program at the prestigious Suan Sunandha Rajabhat University. These experts provided comprehensive perspectives on cannabis’ role in healthcare, regulatory frameworks, and the future of cannabis research in Thailand.
New Medical Cannabis and Hemp Law: Raising the Bar for Safety and Control
The summit’s discussions also centered around the new medical cannabis and hemp law, which is set to introduce stringent requirements for the safety and control of cannabis materials, reflecting Thailand’s commitment to ensuring that the cannabis sector develops responsibly. This upcoming law aims to address potential risks associated with cannabis production and consumption while balancing the interests of businesses, consumers, and the healthcare industry. One of the significant aspects of the law is its focus on ensuring product safety, particularly in the cultivation, processing, and distribution of cannabis and hemp.
Mr. Diego Sala’s keynote speech emphasized the importance of compliance with the GACP standard, which plays a pivotal role in maintaining product integrity from cultivation to export. The standard mandates strict control over agricultural practices, including pesticide use, quality control, and traceability of raw materials. This, according to Dr. Sala, is not only essential for meeting domestic regulations but is also a prerequisite for accessing lucrative international markets, where consumer safety is paramount.
He also highlighted that while the cannabis industry offers significant opportunities, it is equally laden with regulatory complexities. Producers and exporters must understand the requirements of both the Thai FDA and international regulatory bodies to ensure their products meet stringent safety and efficacy standards. Sala’s insights into the GACP certification process were well-received, especially as Thailand gears up to become a major exporter of cannabis-derived products.
Contributions from Thought Leaders
Dr. Kampon Sriwatanakul spoke about the medical potential of cannabis and the role of Thailand in driving cannabis research and innovation. As Chairman of the Thailand Charter of Health, his focus remains on ensuring that Thailand becomes a leader in cannabis for health and wellness, promoting its use within safe and regulated frameworks. He pointed out the potential economic benefits of the medical cannabis sector for Thailand, particularly in rural areas where cannabis cultivation could provide new income streams for farmers.
Prof. Thavatchai Kamoltham, Director of the Cannabis Health Science Program, expanded on the educational aspects of cannabis in healthcare, focusing on the development of skilled professionals who can work within the regulatory framework to advance cannabis research and treatment. His presentation underscored the importance of interdisciplinary collaboration in ensuring the effective use of cannabis in therapeutic contexts, especially as new research emerges on its potential benefits.
A Future Shaped by Regulation and Innovation
The 5th CISW MedCann Investment Summit World 2024 provided a timely platform for discussing the future of the cannabis and hemp industry in Thailand and beyond. With new laws on the horizon, industry stakeholders must prepare for increased regulatory scrutiny while seizing opportunities to expand into global markets. Diego Sala’s emphasis on GACP compliance, coupled with the expert insights from Dr. Sriwatanakul and Prof. Kamoltham, underscored the importance of regulatory foresight and innovation as key drivers of the industry’s success.
As Thailand continues to refine its regulatory approach to cannabis, events like the CISW MedCann Summit will play a vital role in shaping policy, fostering collaboration, and promoting sustainable growth in this rapidly evolving sector.
