Thailand's medical herb industry runs on paper. Yagantra is changing that.
The record system for a regulated market heading to $2.5B — traceability, patient limits, and DTAM reporting on one platform.
11,136
licensed dispensaries (DTAM, Feb 2026)
85%
of operators failed license renewal in 2025
$2.5B
Thai market estimate by 2028
The market was legalized. The infrastructure never followed.
2022–2024
The boom
Legalization triggers a gold rush: 11,000+ dispensaries and 11,800+ cultivation operators enter the market.
June 2025
The rules arrive
Flower becomes a controlled herb. PT.33 prescriptions, monthly PT.27/PT.28/PT.29 filings, and GACP become mandatory.
2025
The reckoning
Only 1,339 of 8,636 operators — 15.5% — pass license renewal. 85% fail, largely on paperwork they couldn't produce.
2026
The consolidation
4,587 licenses expire this year, 5,210 more in 2027. Since April 2026, ~11,000 dispensaries must convert into regulated medical clinics with digital recordkeeping.
Through all of this, not a single compliance platform exists on the market. Operators run a controlled substance on paper and Excel.
One record system for the entire industry chain
Every actor's operations write into one immutable record — so traceability, patient limits, and regulatory reports are by-products of daily work, not month-end projects.
Farm
Harvest & batch records
Lab
Tests & certificates
Dispensary
Sales & PT.33 limits
Doctor
Electronic prescriptions
Patient
Verified purchases
YAGANTRA
One record from strain to sale · Automated DTAM reports · Patient limits enforced network-wide
Track & trace
Full genealogy of every batch — from strain to sold package.
Automated DTAM reporting
PT.27/PT.28/PT.29 generate from real operations. A farm's three days of paperwork becomes seconds.
Network-wide PT.33 limits
Real-time checks on patient purchases across every dispensary.
Immutable audit trail
Append-only, hash-chained records — inspector-ready at any moment.
The only market of its kind in Southeast Asia
Legal and alone
Thailand is the only legal medical cannabis market in Southeast Asia — first mover in a region of 680 million people.
The ASEAN playbook
Whoever builds the compliance layer for Thailand owns the template for every ASEAN market that follows.
Paper everywhere
The least digitized regulated market anywhere: mandatory reporting, zero tooling. Maximum opening for the first platform.
Who our customers are
Dispensaries
11,136
licensed today — converting to regulated medical clinics since April 2026
Farms
217 GACP
certified today, out of 11,800+ growers who need certification to survive renewal
Labs & doctors
Every batch
requires lab testing; 8 categories of licensed practitioners can issue PT.33
$2.5B
Thai market estimate by 2028
4,587
licenses up for renewal in 2026 — a hot audience right now
A second revenue stream built into the chain
Beyond subscriptions, Yagantra operates the closed B2B marketplace where the industry actually trades.
Farm → dispensary, direct
Verified counterparties trade without middlemen — spot sales and forward contracts against future harvests.
Export track
Australia's April 2026 rules require farm-to-package traceability. Yagantra generates it automatically — international buyers reach GACP farms directly.
Transaction economics
Every trade flows through the platform with full genealogy — a natural base for transaction fees as volume grows.
Built to become national infrastructure
The regulator needs exactly what the platform produces.
DTAM sees the market in real time
Aggregated, anonymized market data — free for the regulator, generated as a by-product of operators' daily work.
A national track & trace candidate
Thailand has no state traceability system. A platform already covering the chain is the natural candidate — think private infrastructure for a mandatory market, like Visa for payments.
TCCI — first in Asia
The Thailand Cannabis Compliance Index: market-wide pricing, volume, and compliance data no one else can assemble. Licensable to exchanges and analysts.
A moat made of data
None of this can be copied without the operational data underneath. Every month of operation widens the gap.
Why this stays ours
Why won't DTAM build it?
Governments regulate; they don't build and operate commercial SaaS. Globally, track & trace for regulated markets is run by private vendors (METRC in the US) — the state consumes the data.
Why won't someone copy it?
The software can be copied; the accumulated genealogy data, verified network, and switching costs can't. In infrastructure, the first mover with the network takes the market.
Why not a local IT company?
The barrier isn't code — it's regulatory depth and industry trust. We have a Thai regulatory expert working directly with DTAM and are already inside the licensing process with our first farm.
Monthly SaaS subscription
Each customer enables the modules they need and pays a fixed monthly fee. Figures from our financial model, base scenario.
Unit economics in one line
500 dispensaries × ฿2,000 + 50 farms × ฿8,000 = ฿1.4M MRR (~$41K/mo)
Dispensaries and farms alone; labs and doctors add on top. That's 4.5% of today's licensed dispensaries.
Farm
from฿8,000/mo
LTV ~฿600K
- Track & trace
- Marketplace & export
- DTAM reporting
Dispensary
from฿2,000/mo
LTV ~฿150K
- Track & trace
- PT.33 limits
- DTAM reporting
Lab
from฿1,500/mo
LTV ~฿115K
- Certificates
- DTAM reporting
Doctor
from฿1,000/mo
LTV ~฿75K
- PT.33 prescriptions
- Patient history
LTV at 15% annual churn (~6.5-year average customer life).
Financial model — base scenario, 5 years
฿24M
Year-5 revenue (from ฿0.4M in Year 1)
฿15M
Year-5 EBITDA
~365
active customers by Year 5
฿2.2M
MRR at end of Year 5
Apr 2028
monthly break-even — 22 months after development start
Nov 2029
full payback of capital
Funding rounds
Pre-seed (Angel)
Now฿2.1M · $62K
Jun 2026 — open now
Instrument: SAFE
MVP development, company registration, legal retainer
Seed Extension
฿2.4M · $70K
Nov 2026
Instrument: SAFE follow-on
Extend runway to paid launch and first hires
Series Seed
฿4.5M · $133K
Mar 2027
Instrument: Priced round
Path to break-even, scale features and growth
A platform, not a point solution
MVP
Flower chain end to end — Oct 2026
Full platform
Genetics, nursery, extracts — 2027
Marketplace
Contracts, pre-orders, POS — H1 2027
Export track
Australia-ready documentation — 2027
TCCI index
First market index in Asia — H2 2027
ASEAN
New jurisdictions — 2028+
Who is building Yagantra
Roman Tuturov
Product Lead · Co-founder
- Product management; took two B2B SaaS products from zero to launch
- Built and managed standart operations procedures of a GACP-compliant farm
- Owns product, strategy, and fundraising
Andrey Rozanov
Tech Lead · Co-founder
- Software engineering; shipped SaaS platforms end to end as founding engineer
- Designed and managed the operations of a GACP-compliant farm
- Led development teams from prototype to production
- Owns product architecture
Ann
Regulatory Expert · Thailand
- Works directly with DTAM on licensing and reporting requirements
- Guides farms through GACP certification
- Thai-language regulatory documentation and filings
The window is open — but not for long
The market is consolidating right now. Whoever builds the infrastructure first owns it.
Compliance became mandatory in June 2025
A concrete regulation with concrete forms: PT.33, PT.27/PT.28/PT.29, GACP. The draft Cannabis & Hemp Act now in parliament only points one way — tighter.
85% of operators failed renewal
Only 1,339 of 8,636 passed in 2025. The market's biggest pain is exactly the thing we automate.
4,587 licenses expire in 2026
Plus 5,210 in 2027 — every renewal must meet the new requirements. This audience is looking for tooling right now.
There is no compliance platform
Not one full-cycle system on the market — and building one requires regulatory depth and industry trust that take years to accumulate.
Thailand first, then ASEAN
The first mover here writes the playbook for the region — like Visa and Mastercard: private infrastructure for a mandatory market.
Several ways this pays back
Strategic M&A
Acquisition by a Thai pharma group or healthcare holding entering the regulated market.
Data licensing
TCCI market data licensed to SET, Bloomberg, and industry analysts.
IPO on SET
A listing on the Stock Exchange of Thailand as the market's infrastructure layer.
State partnership
A formal track & trace partnership with DTAM anchoring the platform as national infrastructure.