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Thai Elections Spark Green Wave: How Tourism and Cannabis Industries Are Poised for a Major Boost

  • Posted on May 15, 2023
  • News
Thailand dreams of high-end cannabis tourism after marijuana is legalised

Artificial Intelligence:-

Thailand's opposition parties' anticipated victory in the upcoming election is likely to have positive effects on retailers, consumer goodsproducers, and tourism providers. The expected new government is expected to boost demand and protect the fragile economic recovery.

The opposition coalition headed by Move Forward and Pheu Thai parties seems to be winning a significant number of seats in the 500-member House of Representatives, as per the Election Commission's latest update. 

If they do join forces to establish a government, it is believed that they will deliver on their campaign vows of providing monetary assistance, raising the minimum wage, and offering benefits to retired citizens and the elderly.

Keep an eye on these crucial sectors:

Thailand becomes the first Asian country to decriminalize marijuana—but there’s one big catch
Thailand becomes the first Asian country to decriminalize marijuana—but there’s one big catch


The new government is expected to prioritize the tourism industry as a means to create more jobs and generate income. Pheu Thai party aims to increase tourist spending to 3 trillion baht by 2027, positioning Thailand as a regional transportation hub. 

It involves expanding airport capacity, fostering visa-free agreements, and benefiting various companies, including airlines, hotels, medical tourism providers, and many more.


Companies producing everyday household products, such as frozen food, ready-to-cook meals, and instant noodles, are expected to benefit from increased consumer spending post-election. 

Key players in this sector in Thailand include Charoen Pokphand Foods, Osotspa, Betagro, Thaifoods Group, Carabao Group, Thai Union, Oishi Group, and Thai President Foods.


Thais are set to enjoy increased spending power due to a combination of cash handouts, and reduced electricity, and fuel costs. It will likely lead to a surge in consumer spending across various sectors, such as personal care products, packaged food, and smartphones. 

Companies that stand to benefit from this trend include Central Retail Corp Pcl, Berli Jucker Pcl, Siam Makro Pcl, Com7 Pcl, and CP All Pcl.


With the Pheu Thai party's pledge to triple farm income within four years, the country's nearly 8 million agricultural households are expected to allocate more funds towards improving their homes and constructing new houses. 

This bodes well for companies operating in the cement and home furnishing sectors, including Siam Cement Pcl, Home Product Center Pcl, Dohome Pcl, Index Livingmall Pcl, and Siam Global House Pcl.


Thailand's cannabis industry faces an uncertain future as the country, the first in Asia to decriminalize marijuana, consider reclassifying it as a narcotic for medical use only. 

It could negatively impact over 4,500 dispensary owners and numerous farmers who embraced the industry's liberalization. Major companies like Ichitan Group Pcl, Charoen Pokphand, Oishi Group, and Thai Thonburi Healthcare Pcl. might also be affected.

BusinessEconomics Thailand Bets on Private Medical Marijuana to Lift Economy
BusinessEconomics Thailand Bets on Private Medical Marijuana to Lift Economy


To attract voters and address concerns about high electricity bills in the summer, Thai political parties have pledged to reduce electricity costs. As a result, companies like Gulf Energy, Ratch Group, B Grimm Power, Banpu, and Electricity Generating may be affected by changes in the power purchasing formula under a potential Pheu Thai-led government.


The Thai government has been subsidizing diesel and cooking gas prices to control inflation, but the new administration may review these subsidies, which could affect fuel retailers like PTT and Bangchak Corp. 


Some companies with ties to political parties, such as SC Asset Corp, Praram 9 Hospital, and Sansiri, may also be impacted by changes in government policies.

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