Isle of Man opens medical cannabis export licenses

The Isle of Man government has opened license applications for the production, distribution and export of medical marijuana from the island.

The Gambling Supervision Commission (GSC), the industry's regulatory body with the appropriate initials, has finalized its regulatory framework, which will provide interested companies with the various rules to follow in order to be granted a license to produce hemp or products with a high THC content.

According to a press release published by the Isle of Man Department of Enterprise, Minister Laurence Skelly stated that «the growing global medicinal cannabis market offers a significant economic development opportunity for the Isle of Man. The new regulatory framework and guidance will provide strict and flexible licensing for a wide range of cannabis products, from industrial hemp cultivated outdoors to medicinal products grown indoors».»

«The Isle of Man government has every confidence that the GSC will provide the world-class regulatory structure needed to regulate this complex new industry,» he adds. «I am delighted to welcome license 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 economic recovery post COVID.»

Making the Isle of Man an exporter of medical cannabis

The Isle of Man government wants to make the Isle of Man a leading exporter of medical cannabis, attracting investment that will benefit local economic development.

The sector is expected to create 250 new jobs and £3 million in annual profits over the next few years, not to mention the growth in associated infrastructure, particularly financial and operational, to support the sector.

In 2019, the government of the Isle of Man invited its population to vote clearly on a wide range of issues concerning medical cannabis. Over 95 % of those surveyed were in favor of a regulated market for medical cannabis.

The full guide, along with license applications and other information, is now available at the following address on the local cannabis agency's website: https://www.isleofmangsc.com/.