Isle of Man plans new market for cannabis products

With a public consultation launched this week, the Isle of Man is seeking the views of interested parties on establishing a regulatory framework for products derived from hemp and cannabis for export.

It states that a potential cannabis sector would have the potential to create up to 250 jobs for islanders, generating £11.5 million in wages and increasing government tax revenues by £3 million a year.

This consultation deals only with matters relating to an export industry, and does not envisage any changes to the national legality of medical cannabis or the legality of non-medical use of cannabis on the Isle of Man. It does, however, aim to attract the interest of cannabis companies to Europe, as the Isle of Man lies off the west coast of England and is well placed to access mainland Europe.

The proposed changes would allow companies and investors to apply for a license to grow hemp and cannabis, manufacture by-products including extract CBD from flowers, and to conduct research. Licenses can cost between £1,500 and £35,000 a year, depending on the type.

The Channel Islands of Guernsey and Jersey also have less restrictive cannabis cultivation regulations than the rest of the UK, but they are still a long way from the Isle of Man's proposals for indoor and outdoor cultivation, and cannabis export.