Foreign investment in agriculture businesses is limited to 49% of equity ownership.
"Section 4
In this Act, "foreigner" means:
1. a natural person who is not of Thai nationality;
2. a juristic person not registered in Thailand;
3. a juristic person registered in Thailand, being of the following descriptions: 
a. being a juristic person at least one half of capital shares of which are held by persons under (1) or (2) or a juristic person in which investment has been placed by the persons under (1) or (2) in the amount at least equivalent to one half of the total capital thereof;
b. being a limited partnership or a registered ordinary partnership the managing partner or the manager of which is the person under (1);
4. a juristic person registered in Thailand at least one half of the capital shares of which are held by persons under (1), (2) or (3) or a juristic person in which investment has been placed by the persons under (1), (2) or (3) in the amount at least equivalent to one half of the total capital thereof;
[...]
Section 8
Subject to section 6, section 7, section 10 and section 12:
1. no foreigner may operate such businesses stricto sensu not permissible to foreigners by special reason, as prescribed in List One;
2. no foreigner may operate such businesses related to national safety or security, businesses having impacts on arts, culture, traditions, customs and folklore handicrafts or businesses having impacts on natural resources or the environment, as prescribed in List Two, unless upon obtaining permission from the Minister with the
approval of the Council of Ministers;
3. no foreigner may operate such businesses in respect of which Thai nationals are not yet ready to compete with foreigners, as prescribed in List Three, unless upon obtaining permission from the Director-General with the approval of the Commission.
[...]
Annex
List one. Businesses stricto sensu not permissible to foreigners by special reason:[...]
2. Rice farming, plantation or crop growing;
3. Livestock farming [...]
6. Extraction of Thai medicinal herbs [...] "((Foreign Business Act, B.E. 2542 (1999))
Foreign Business Act, B.E. 2542 (1999).
[<a href="https://investmentpolicy.unctad.org/investment-laws/laws/40/thailand-foreign-business-act">Act</a>]