Golden Triangle Group (GTG) has launched several hemp-based balms to serve consumers who are interested in the medical benefits of hemp and the firm plans to develop more new products for the market later this year.
Cannabidiol (CBD) oil-based balms have been produced under the Raksa brand, following research into a hemp gene and high-standard hemp cultivation, said Kris Thirakaosal, managing director and co-founder of GTG.
CBD oil is known for its potential to treat many ailments.
"Our hemp flowers contain 15.8% CBD oil and 0.2% tetrahydrocannabinol [THC] oil," he said.
CBD oil is extracted to produce the Raksa-branded products, which have been approved by the Food and Drug Administration.
GTG believes hemp-based products, including skincare products, have the potential to grow. The plant will not only lead to new businesses but, together with cannabis, they can become new economic crops for the country.
GTG plans to introduce hemp-based food and beverages in the second half of this year to serve customers. It will further seek new investment opportunities in the business-to-business (B2B) segment.
"We have over 10 new products expected to make their debut throughout the year," said Mr Kris.
The value of the Thai hemp market is expected to reach 15.7 billion baht at the end of 2025, with a compound annual growth rate of 126%, said GTG, citing an estimate from Krungsri Research Centre.
Food and beverages, medicines, dietary supplement products 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 6.3% market share in the Thai hemp industry over the next three years.
Hemp, grown under high-quality farming, also seems to go well with the trend of organic farming, the company said.
The market value of organic products and herbs in Thailand rose by 20% between 2017 and 2021 as consumers and the elderly became increasingly interested in healthy lifestyles.
