Believe it or not…
The Thai government is giving away one million FREE cannabis plants to households across the nation in June to kickstart a new rule that allows people to grow marijuana at home.
According to the Thai Minister of Health, Anutin Charnvirakul, cannabis should be grown as "household crops, "no different from what we grow in our backyard.
Why this move? Since nearly a third of Thailand's labor force is employed in agriculture, it makes sense for the Thai government to make cannabis a cash crop.
The condition, however, is that people who grow cannabis have to notify their local governments, and the crops must be of medical grade to be used exclusively for medicinal purposes.
But this isn't the first step the country made toward cannabis. In 2018, Thailand became the first country in South East Asia to legalize medical research and use.
Given that Thailand has a notorious history of incurring severe consequences for drug use, this is exciting news, as it bodes well for the future development of the cannabis industry.
Now that one of the strictest drug enforcement countries on the planet is getting on the bandwagon of marijuana for medicinal and commercial purposes, many countries could soon realize there are more practical benefits to accepting and even fully legalizing marijuana use.
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So even though certain parts of North America remain legislatively resistant, there is no reason the cannabis market cannot continue to flourish. And that's why the cannabis industry is projected to hit a whopping $197.74 billion by 2028, exhibiting a CAGR of 32.04%.
All this means is investors can remain optimistic about this industry. It is still in its infancy stage and brims with promising prospects (and so far, most of them are positive).
Of course, not all cannabis stocks will rise along with the market. So only companies with proven advantages such as robust international distribution and footholds can enjoy a faster growth pace… since they are not reliant only on the North American market.
The three companies in the marijuana industry whose future looks bright, according to insiders, are Innovative Industrial Properties (NYSE:IIPR), Trulieve Cannabis (CNSX:TRUL), and Village Farms International (NASDAQ:VFF).
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Featured Image: DepositPhotos @ romanbarkov
