On licences: farms that got their licences in 2022-23 aren’t automatically cut off, but the bar has moved. Commercial cultivation for the medical supply chain now effectively requires GACP certification, and that’s a different level of investment than what many small growers set up for. A lot of the smaller registrations from the boom years simply won’t clear that bar. On who they sell to — you’re right that it’s not direct retail. Licensed growers supply into the medical chain, and dispensaries have to document where every batch came from. That paper trail is inspected, so the middleman layer hasn’t gone away, it’s just become more traceable. On export — this one comes up a lot. The short answer is that most countries with medical cannabis programmes require imports to meet GMP standards, not just GACP, and there are very few Thai facilities operating at that level. Add in the fact that the domestic regulatory picture has been shifting every few months, and it’s a hard thing for foreign buyers to build supply agreements around. There’s clearly potential given the growing conditions and cost base, but the certification gap is the bottleneck, not demand.
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