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BAAC offers special loans for cannabis farming

BAAC offers special loans for cannabis farming

BANGKOK: Following the legalisation of cannabis growing by farmers, the Bank for Agriculture and Agricultural Cooperatives has introduced a special loan to support farmers producing cannabis for medical, research, and development purposes.

economics
By National News Bureau of Thailand

Friday 10 September 2021, 03:08PM


The Bank for Agriculture and Agricultural Cooperatives (BAAC) has introduced a special loan to support cannabis farming by general farmers, with a low interest rate only at 0.01%, reports state news agency NNT.

The special loan is being offered as part of a financial campaign promoting community enterprises, where other types of loan are also available based on the type of business.

The BAAC Senior Executive Vice President Somkiat Kimawaha, said that more farmers are now interested in starting a cannabis plantation for the purpose of medical and pharmaceutical uses, as another way to gain income.

Persons eligible to apply for this loan must be in a legally registered community enterprise, social enterprise or an agricultural cooperative.

The entity must have a Memorandum of Understanding with a government agency on cannabis production, and must be authorised by the Food and Drugs Administration to produce cannabis.

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