The Isle of Man Government has now opened licence applications for the production, distribution, and export of medical cannabis from the Island, expecting the sector to be a key contributor to the Island’s post-COVID economic recovery.
The Isle of Man has confirmed the opening of medical cannabis licensing applications after completing guidance to support the Gambling Supervision Commission’s (GSC) regulatory framework. The framework will provide details on the requirements for the licensing of hemp production and high-THC products.
The Island aims to be a world-leading exporter of medical cannabis, providing significant economic investment and development for the Island, creating 250 new jobs and £3m in annual benefit.
Bringing jobs and innovation to the Isle of Man
The Government has highlighted that it anticipates the medicinal cannabis sector will support and bring innovation to the Isle of Man’s Cleantech and construction sectors, as well as helping to develop businesses from within and off the island.
Minister for Enterprise, Laurence Skelly MHK, said: “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, added: “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.”
To find out more about the guidance and licence applications please visit https://www.isleofmangsc.com/.
