CBD and medical marijuana can now be produced for export from the Isle of Man after the government has set rules. Producer candidates can now apply for a license with the Gambling Supervision Commission, which regulates the sector.
Cannabis in the Isle of Man is illegal under the Misuse of Drugs Act 1976, but a clause in that law allows licensing to grow, harvest and process cannabis plants, enabling the development of an export-only strategy.
Proponents on the island have recognized the opportunity to provide companies with the right regulatory framework to establish production on the island and address markets within the EU as they develop and mature.
Previous reports on medical cannabis suggested that the Isle of Man could become a leading jurisdiction for licensing cannabis products. A consultation released by the government’s Department of Enterprise late last year set a framework for hemp and marijuana, including plans to develop extraction and other infrastructures and establish an export program.
“The new regulatory framework and guidelines will provide strict and flexible licensing of a wide range of cannabis products, from outdoor industrial hemp to indoor medicinal products,” said Enterprise Secretary Laurence Skelly, who said the rules were “a significant one Opportunity for economic development. “
The Department of Business said the Isle of Man could replicate its track record in licensing, particularly in the e-gaming sector, and by building on its reputable ship and aircraft registry systems.
Advantages of the island
The island, a British dependency, benefits from being self-governing and not bound by European Union laws and regulations. It gives the Isle of Man the ability to customize goods according to guidelines in different markets, which may have different cannabis and consumer rules.
The Isle of Man’s cannabis industry has the potential to create up to 250 jobs by 2025, generate up to £ 11.5 million in wages and a potential tax revenue of £ 3 million (~ 3 million). 3.) To generate millions / ~ 4 million US dollars) per year for the government, the Department for Enterprise has estimated.
The government said that despite the restrictive drug abuse law, options for importing medical cannabis products, including pharmacists who can fill out private prescriptions issued by UK clinics, are currently under consideration by the Department of Health.