The British crown dependency is likely to license 10 medicinal cannabis firms by the end of 2025.
The Isle of Man, is looking to diversify its economy with medicinal cannabis. This will be a turn in the traditional island economy which was majorly known for its offshore financial services. The British crown dependency is likely to license 10 firms by the end of 2025 to initiate the economic growth. The same will also open avenues to grow and export medicinal cannabis products from the island.
The British crown dependency is hoping to license as many as 10 firms by the end of 2025 to grow and export medicinal cannabis products from the island as part of a strategy to spur development.
Tim Johnston, the Isle of Man’s minister for enterprise, said the island’s government was “really looking to diversify our economy”, and that encouraging a medicinal cannabis industry was one aspect of a plan to nearly double GDP by 2032, create 5,000 more jobs, and give younger Manx opportunities on the island.
Johnston said: “We recognise we’ve got an older population. We’re keen to see that change.”
The island with a population of 84,000 is situated in the middle of the Irish Sea. It was once an economy of fishing and the related but over time the way was made in favour of financial services. Insurance records the largest sector in the economy as of now. The island is also sometimes referred to as a tax haven and a secret jurisdiction used by financiers.
In 2022, the government had first issued a conditional license for a startup, GrowLab Organics. One of the concerns with this revamping is that the regulatory body for cannabis is the same which regulates the gambling sector.
In 2018, the legalization of cannabis-based medicinal products, primarily prescribed for chronic pain, took place in the UK. This decision followed similar actions in various European countries, Canada, and several states in the US. However, the legalization of recreational cannabis in the UK has not yet occurred, unlike in certain US states, Canada, Uruguay, the Netherlands, and soon Germany.
The prescription of cannabis-based medicinal products in the UK is restricted to specialized doctors, and all companies selling these products must comply with the rigorous regulations set by the Medicines and Healthcare products Regulatory Agency.
Producers from the Isle of Man intending to enter the UK market will face obstacles. The Isle of Man is emulating the actions of Jersey and Guernsey, two other crown dependencies, by legalizing the cultivation of medicinal cannabis. These growers will also face competition from established regions where the drug has been legalized, such as California and Canada, which experienced a significant boom in the industry before a subsequent downturn.
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