The enactment of Thailand’s Narcotics Code, effective December 10, 2021, marked a key milestone in promoting the commercial applications of cannabis (both marijuana and hemp) and kratom as economic plants—with subsequent regulatory developments continuing this push. For many decades, cannabis and kratom were classified as category 5 narcotics under the Narcotics Act. However, a movement for the legalization of cannabis and kratom developed over time. First, the legalization of marijuana (Cannabis indica) for medical purposes became effective on February 19, 2019, as prescribed in Amendment No. 7 of the Narcotics Act. Kratom has also been effectively decriminalized (covering consumption, production, disposal, and possession for any purpose) since August 24, 2021, as prescribed in Amendment No. 8 of the Narcotics Act. The laws governing narcotic and psychotropic substances in Thailand have now taken a significant step forward with the passage of the Narcotics Code, which is intended to be a comprehensive law covering all narcotics and psychotropic substances in Thailand. Most recently, the Ministry of Public Health announced in the Government Gazette on February 2, 2022, that only cannabis extract (both marijuana and hemp) with THC of more than 0.2% by weight will be classified as a category 5 narcotic. This means that seeds, cannabis plants, and inflorescences, if harvested in Thailand, have been removed from the list of category 5 narcotics. Although the changes to Thailand’s narcotics regulations for cannabis and kratom are intricate, both cannabis and kratom have become a topical issue for farmers and related industries. The plants are new cash crops and have attracted widespread public interest. Currently, we can see fresh kratom leaves and fresh cannabis leaves sold in the market. Unlike products with cannabis derivatives, kratom-based products are not yet available in the Thai market. Although there is an opportunity for developing kratom-based products