Thailand is just weeks away from legalising medical marijuana as it is set to tap into a multi-billion dollar industry that could do wonders to its GDP figures and economic growth.

Bill submitted for first reading in parliament

An official told AFP on Wednesday, Oct. 31, that the country hopes to cash in on a product that Thai supporters have long hailed as some of the world's best weed.

A draft bill to permit its limited use has been sent to the military junta's National Legislative Assembly (NLA).

The bill will have its first reading in the junta's rubber-stamp parliament in less than one month, AFP reported.

Jet Sirathraanon, chairman of the NLA's standing committee of public health, confirmed with AFP the bill will have its first reading officially soon: "We have submitted the bill to the speaker."

Thailand lost first-mover advantage

Jet also said Thailand has delayed making the change for far too long.

Other countries, such as Canada, have gained a first-mover advantage and have even legalised exports.

Thailand's legalising of cannabis would be for medication only, not for recreation.

But that motivation is enough for now, as the revenue-generating possibilities have been a main push for amending Thai laws.

Another beneficial effect is the relief it can provide patients in pain.

Thailand produces world's finest weed

Jet also praised the quality of his country's plants.

Marijuana has long been known to grow particularly well in the Golden Triangle borderlands of Thailand, Laos and Myanmar.

"I'm doing this because it's an opportunity for Thai people," he said. "Thailand has the best marijuana in the world."

Marijuana remains illegal in Thailand, with stiff penalties for drug trafficking.

But the idea of medical marijuana is not taboo among the Buddhist-majority country.

Junta officials have previously mooted the need to reform drug laws.

Experts applaud

Experts said Thailand's step to legalise medical marijuana would cement its place as the world's leading grower, processor, and manufacturer of cannabis products.

One main reason is because Thailand can produce cannabis at a fraction of the cost of Western growers.

Fears of weed being immediately addictive can be mitigated with more research and careful harvesting.

For example, all legalised cannabis grown in Thailand can be produced not to exceed 1 percent THC.

THC, or tetrahydrocannabinol, is the chemical responsible for most of marijuana’s psychological effects.

The hemp is then processed it into oils, extracts and isolates.

Singaporeans cannot take drugs overseas and pretend they didn't:

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