Thai party wants to widen the marijuana market
A major political party in Thailand, Bhumjaithai, is rooting for establishing marijuana as a cash crop in the country, according to Reuters. Thais are scheduled to hold a general election on March 24.
For Shopify (SHOP), the legalization of marijuana for recreational use in Thailand should bring good news. When the sale of marijuana products for adult use became legal in Canada last year, many government-backed retailers and other prominent marijuana vendors chose to host their digital shops on Shopify’s platform. According to CNBC, Shopify CFO Harley Finkelstein said the company was looking to apply its experience with selling marijuana online in Canada to help other countries run their legal marijuana industries.
A $102 billion e-commerce opportunity
Southeast Asia, which includes Thailand, has a booming e-commerce industry. In a report released last year, Google and Temasek estimated that the region’s e-commerce industry would grow to $102 billion by 2025 from $23 billion in 2018.
In the fourth quarter, Shopify’s revenue rose 54.3% YoY (year-over-year) to $343.9 million, while Alibaba’s (BABA), JD.com’s (JD), and Amazon’s (AMZN) grew 41%, 22.4%, and 20% YoY. Revenue rose 6.0% YoY at eBay (EBAY).