Narai Market is built by a joint team of Thai and international specialists; our core expertise lies at the crossroads of IT, PR, GR, supply chain architecture and law.

We combine our experience of platform design for international startups and enterprises with local knowledge and market awareness, allowing us to introduce state-of-the-art practices to the emerging cannabis market in Thailand.

With the legal cannabis market still in the early stage, it is important to protect the natural state of the competition and protect it from undue influence of external players. The consumer market is already flooded with untested products of low quality, imported via semi-legal means.

We believe that for Thai cannabis businesses to be able to compete with international companies, certain mechanics must be implemented from the start, providing a fair playground for everyone.

Narai Market is our attempt to combine these mechanics into a single flow – from testing the quality of the cannabis to standardized shipping and payment to collection of market-wide analytics. We believe that these best practices, if introduced early, can sufficiently increase the effectiveness of the local market as a whole, allowing it not only to withstand external pressure, but also to expand beyond Thailand.

Our vision is to help Thailand become a major exporter of highest quality cannabis, so that every local farmer can get a shot at becoming a part of the world economy.

The core workflow of the Narai Market goes like this:

Once a farm registers at the platform and requests certification for the cannabis it has grown. Our specialist visits the farm, takes measurement of individual lots, takes samples for testing from every lot, and packages them in a special tamperproof casing. Each of the packaged lots has a unique identifier, corresponding to the sample taken for testing; the lots can be stored either at the farm, or at one of our partner warehouses.

Once the samples have been tested, the farm can manage its stock of certified cannabis on the platform. Once the farm is ready to sell, it can create selling orders, choosing specific lots from its stock and making them available via the catalogue for the specified price.

When a dispensary places an order to buy cannabis, it pays the order price at the platform, which is withheld in escrow until the product is successfully delivered and confirmed. Once the payment is made, our logistics partners take the products for delivery from the farm or the warehouse, confirm the integrity of the protective casing and deliver it to the dispensary.

After the dispensary confirms that the casing has not been breached in transit, the money is released from the escrow to the farm, and information about both parties successfully fulfilling their obligations updates the reputation of both the farm and the dispensary.

In the basic scenario, yes, pretty much. Despite its simplicity, this model is sufficiently powerful to negate most of the counterparty risks existing in the cannabis market, such as non-payment, failure to deliver the product of reliable quality or to deliver a product at all.

However, this basic workflow can be tailored to specific scenarios to make the market even more efficient. The roadmap for Narai Market includes:

Future contracts. While the basic scenario supposes that the delivery takes place immediately upon placing an order, dispensaries and farms can better address the market fluctuations by selling and buying options and future contracts for the certified cannabis. This would allow market participants to enhance long-term planning and hedge some of the volatility risks.

Trade financing. By gathering sufficient information about the creditworthiness of the platform participants, we can introduce financial service providers to the platform, who could choose to finance some of the transactions. This would help create more stable supply chains, at the same time lowering the cost of liquidity for the platform participants by lowering the costs of risk assessment.

Liquidity management and secondary market. With the introduction of trade financing and future contracts for cannabis, a secondary market for both the debt and supply obligations can further help increase the efficiency of the market, making it even more robust and resistant to external shocks.

B2C connection. While Narai Market is, first and foremost, a b2b platform, direct connection to consumers can be helpful in two ways. On the one hand, it allows us to provide education and protect the public from using uncertified cannabis of low quality, therefore increasing the demand for the products of our platform participants. On the other hand, access to consumers can provide important analytics that can, in turn, be used to guide our participants in their business strategy.

Cannabis is destroyed. If this happens to the unsold cannabis stored at our warehouses, the farm will be compensated in full based on the current market prices. If the cannabis has already been sold but has been destroyed at the warehouse or in transit, the farm will be compensated in full for the order price, and the money will be returned to the dispensary.

Protective casing is compromised. If this happens to the cannabis stored at the farm, the sale is paused, and it is up to the dispensary to decide whether to cancel the deal and get full reimbursement, or to let the farm pay for retesting and repackaging of the product. If this happens at our warehouse or in transit, we immediately retest the product and compensate the dispensary for the delay.

Please contact us to request a detailed fee schedule. Our fee structure is based on transaction fees, but can also include fees for on-demand services, such as additional testing, repackaging or storage services.

Fill out the Early access request form; we will contact you directly to assist in onboarding and provide you with the best experience tailored to your needs.