GTG unveils hemp-based applications

Mr Kris, centre, says there is an opportunity to develop a range of hemp-based products to meet growing consumer demand.

Golden Triangle Group (GTG) has launched several hemp-based balms to serve consumers interested in the medical benefits of hemp and the company 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-level hemp crop, said Kris Thirakaosal, Managing Director and Co-Founder from 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 Raksa brand 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, it can become new economic crops for the country.

GTG plans to introduce hemp-based foods and beverages in the second half of this year to serve customers. He will also seek new investment opportunities in the business-to-business (B2B) segment.

“We have over 10 new products set to debut throughout the year,” Kris said.

The value of the Thai hemp market is expected to reach 15.7 billion baht by the end of 2025, with a compound annual growth rate of 126%, GTG said, citing an estimate from the Krungsri Research Center.

Food and beverages, medicines, dietary supplements and clothing are the main industries that benefit from hemp.

This year, GTG has set a revenue target of 270 to 300 million baht, with an average growth of 55% per year. The company expects to hold a 6.3% market share in the Thai hemp industry over the next three years.

Hemp, grown under high-quality agriculture, also appears to be following the organic farming trend well, the company said.

The market value of organic products and herbs in Thailand has increased by 20% between 2017 and 2021, as consumers and the elderly become increasingly interested in healthy lifestyles.

About Lolita Plowman

Check Also

SolFed Farm is the first in Minnesota to be certified naturally grown

“I just fell in love,” Strohmayer said. “It was just my escape, and we really …