Mr Bowden, who was once known as the king of legal highs and introduced party pills to New Zealand, bowed out of the industry in 2011 when the Government moved to ban synthetic cannabis.
He warned then that the Government would "send the legal high industry to a place I don't want to go".
But now Mr Bowden has hinted he will make a return pending the new Psychoactive Substances Bill due to be introduced in August, which will force manufacturers to prove their substances are "low risk" before being sold.
"I'm feeling pretty happy that New Zealand is taking a sensible approach," Mr Bowden said.
"It's going to be a very different industry next year."
When asked if he intended to return to selling legal highs, Mr Bowden said: "Let's talk about that in August."
Mr Bowden, who has focused on his psychedelic rock band Starboy since ceasing to produce legal highs, said he supported the Government's new regulations, which he said he had spent 15 years campaigning for.
He would not say if he knew the manufacturer behind the controversial K2, who last week decided to stop supplying the drug in New Zealand until the new regulations were introduced in August.
"I know most people in the industry ... I can't really talk about them," Mr Bowden said.
"I've acted as a consultant to the industry but I'm not really going to be doing anything until August."
Grant Hall, the general manager of psychoactive drug advocacy group The Star Trust, said if the Government's regulations worked it made sense for Mr Bowden to return to the industry.
"It makes perfect sense for someone like Matt Bowden to get into that business and be leading the way with these new products which are licensed in the first ever licensing regime on planet Earth," Mr Hall said.
"That's a big business opportunity and I don't blame the guy if he sees it as one."
The Star Trust, which was formed in March, is funded by "private contributions" by individuals and organisations who Mr Hall would not name.
He said it was simply a coincidence that the trust was so similarly named to Mr Bowden's company, Star Gate. Mr Hall said "star" was an acronym for Social Tonics (the global name for psychoactive drugs) Advocacy and Research.
"Regardless of that, Matt Bowden is a supporter of The Star Trust in a big way and we're very proud to have him as a supporter," Mr Hall said.
"He's one of the biggest players ... he knows more about the industry than anyone."
Mr Hall said he expected the new regulations to be "good news for the public" by weeding out rogue producers who had been "absolutely scandalous".
"There's no doubt police are struggling to keep up with [rogue producers] ... bringing the whole industry into disrepute," Mr Hall said.
"This sort of nonsense should be stamped out. Every industry has a few bad players and this industry's no different. Hopefully most of them will be flushed out by this new bill."
