City AM Reports
The Isle of Man Government has opened licence applications for the production, distribution and export of medicinal cannabis products from the island.
It marks a major step in the IOM’s bid to be a world-leading exporter of medicinal cannabis, which will provide economic investment and development for the island.
“I am delighted to welcome licence applications and look forward to attracting quality businesses to the Island, transforming the cannabis export sector into a key contributor to the Isle of Man’s post-Covid economic recovery,” said Laurence Skelly, IOM’s minster for enterprise.
The cannabis sector is expected to create 250 new jobs and £3m in annual benefit in the coming years, as increasing awareness about its advantages lifts the market.
The government anticipates the sector to also support the IOM’s construction sectors, as well as develop businesses.
The growing global cannabis market is forecast to account for $82.19bn by 2027, growing by up to 25 per cent in the next six years.
The regulator for the sector, the Gambling Supervision Commission (GSC) has provided interested parties with details on the requirements for the licencing of hemp production and high-THC products.
“We have worked carefully to apply the best of that framework to the risks in the new sector and we have educated ourselves in the technical areas that are new to us,” said Mark Rutherford, director of policy and legislation at the GSC.
“What we now have will ensure that all stakeholders will be competent, crime free and capable of building a sector that is safe, trusted and efficient.”