License application for medicinal cannabis export open in the Isle of Man

Applications have opened for licenses to produce, distribute and export medicinal cannabis products from the Isle of Man.

The regulator for the sector has completed the guidance to support the regulation of the products which provides details on the requirements for licensing of hemp production.

This is another step in the Isle of Man's bid to be a world-leading exporter of medicinal cannabis, which aims to give the Island significant economic investment and development - the new sector is also expected to create 250 jobs.

Tynwald passed new regulations to create a comprehensive framework for a medicinal cannabis export sector on the Island and appointed the Gambling Supervision Commission (‘GSC’) as the regulator for 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.

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.

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