Thailand’s cannabis industry experienced a rapid boom followed by a sharp decline after the government reimposed tighter regulations one year ago, leading to the closure of thousands of dispensaries, according to a report by Inside Retail Asia.
The crackdown has significantly reshaped retail property markets, with a surge in vacant storefronts, while tourism-related businesses that had capitalized on cannabis tourism also suffered from the regulatory reversal.
The episode serves as a cautionary tale for other markets considering cannabis liberalization, highlighting the volatility of regulatory environments and the risks of over-reliance on a single industry.