Le Lézard
Classified in: Health, Business
Subjects: EGV, FOR, MAT

The Isle of Man Government opens licence applications for new cannabis export sector

- Regulatory guidance completed on requirements for the licensing of hemp production and high-THC products ? paving the way for IOM to become a world-leader in the export of medicinal cannabis

- No changes to domestic legality of prescription medicinal cannabis or non-medical adult use of cannabis on the Island

DOUGLAS, Isle of Man, June 11, 2021 /PRNewswire/ -- The Isle of Man (IOM) Government has confirmed that licence applications are open for the production, distribution and export of medicinal cannabis products from the Island.

The regulator for the sector - the Gambling Supervision Commission ('GSC') ? has now completed the guidance to support its regulatory framework, which will provide interested parties with details on the requirements for the licensing of hemp production and high-THC products.

This marks a significant step in the IOM's bid to be a world-leading exporter of medicinal cannabis, which will provide significant economic investment and development for the Island. The sector is expected to create 250 new jobs and £3 million in annual benefit in the coming years, and considerably more through the growth of associated infrastructure ? including financial and operational ? to support the sector. The Government anticipates the medicinal cannabis sector to also support and bring innovation to the Isle of Man's Cleantech and construction sectors, as well as develop businesses from within and off the island. The growing global cannabis market provides significant opportunity for economic development in the Isle of Man, with the global market forecasted to account for USD 82.19 billion by 2027 growing at a CAGR of 20.25% between 2020-2017, as increasing awareness about the advantages of cannabis is expected to create new opportunity for the market.

Minister for Enterprise, Laurence Skelly MHK, commented: 'The growing global medicinal cannabis market provides significant opportunity for economic development in the Isle of Man, and the new regulatory framework and guidance will offer stringent and flexible licensing of a broad range of cannabis products, which ranges from outdoor grown industrial hemp to indoor grown medicinal products.

'The Isle of Man Government has every confidence that the GSC will provide a world class regulatory structure required to regulate this new and complex industry. 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.'

Mark Rutherford, Director of Policy and Legislation at the GSC, commented: 'The GSC already has a sophisticated framework for supervising gambling. 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. 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.

'As regulators, we aspire to put our regulatory umbrella above as many consumers as possible so that they can benefit from regulations that are well thought out and properly supervised. Years of prohibition mean that the markets in which our licensees will be participating are still in their infancy and still contain many uncertainties. To address this situation, it is our aim to ensure that consumers who purchase Isle of Man products will be able to understand exactly what their product contains through accurate labelling and independent testing.

'The GSC recognises there are many stakeholders in this newly created field and intends to extend its ethos of cooperation with other government authorities into its approach to cannabis regulation.'  

The full guidance, along with licence applications and further information is now available to view here: https://www.isleofmangsc.com/

The Isle of Man's regulations are aligned with current UK cannabis regulation and practice and do not change the Isle of Man's domestic policy toward the use of cannabis by residents.

Notes to editors:

1 ? According to the Data Bridge Market Research Report on the Global Medical Cannabis Market, summarised here.

About the Isle of Man


These press releases may also interest you

at 23:11
LISCure Biosciences, Inc. ("LISCure") has entered into a know-how license and development collaboration agreement, and stock purchase agreement with Mayo Clinic to advance LISCure's microbiome therapeutics in non-alcoholic steatohepatitis (NASH)....

at 20:35
GC Pharma (006280.KS) and Tottori University today announced a worldwide licensing and collaboration agreement for the orally administrable chaperone drug of GM1 gangliosidosis (GM1). GM1 is one of the inherited lysosomal storage diseases caused by...

at 19:35
Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) ("Takeda") today announced the receipt of a decision by the Irish Tax Appeals Commission on July 30, 2021 (IST) to uphold the Irish Revenue Commissioners' position related to the treatment of...

at 15:00
Currently based in Blaine, Washington at Semiahmoo Golf Club, Jeff Coston is a 24-Time, PNW?PGA Player of the Year. Jeff is also recognized as the all-time leader in major tournament wins in the history of the PNW-PGA, and recently announced his...

at 12:08
Nathan Sassover, CEO of WRLD1 /TVNET today announced further development and increased strategic presence with the creation of additional Wellness and Longevity news targeting the surging sectors at home Wellness and Disease Prevention....

at 12:00
A national medical testing laboratory services organization has contracted The Taylor Reach Group, Inc. (TRG) to guide the transformation of its contact center operations. The comprehensive project will involve not only assessing and benchmarking the...

News published on 11 june 2021 at 04:00 and distributed by: