Isle of Man Government Launches Consultation into Framework for Cannabis Derived Export Products
The Department for Enterprise is consulting on plans to establish an export sector for Cannabis derived products, such as industrial hemp, medicinal cannabis and other uses for the cannabis plant in the Isle of Man. The consultation invites industry, potential investors and other interested parties to provide input into the proposed framework to support the potential sector.
The consultation paper sets out the licensing framework, prescribed by new Regulations, and supporting guidance required to create a stringent regulatory environment for the emerging sector.
The consultation seeks feedback only on a commercial-export sector for economic benefit and does not consider related activities for domestic sales or consumption.
The cannabis plant has been used in society for centuries. In recent years, a growing body of research has emerged related to potential health benefits of cannabis, leading to the development of new products to meet consumer demand for these uses.
Consumers and commercial cannabis operators are increasingly calling for clear guidance for the oversight of these products to ensure confidence in the supply chain, including safeguards that inform consumers of the ingredients, potency and legal distribution of cannabis-derived products.
The proposed regulations and licensing framework seek to ensure that commercial operators adhere to stringent controls over the import/export of cannabis-related products including the indoor and outdoor cultivation of cannabis for the purpose of manufacture and export.
Lawrie Hooper, Political Member with responsibility for the Business Isle of Man Executive Agency, commented:
'We have a well-earned reputation as a world-class jurisdiction and regulator for complex emerging industries, most notably in the e-Gaming sector. We aim to build upon that expertise and reputation by creating a gold-standard global regulatory regime for the cannabis export sector that protects consumers and patients, provides a stable regulatory regime with clear pathways to licensure for commercial operators and develops a sustainable new sector with economic benefits for the Isle of Man.'
Development of a new regulated Cannabinoid Industry Sector on the Isle of Man is expected to create a number of benefits for the Isle of Man, including:
- Creation and development of jobs and training opportunities for Manx workers, as well as bringing additional expert professional workers to the island;
- Potential exchequer benefit of up to £3 million per annum;
- Synergistic benefits by opening up important new opportunities within other local sectors, including
- Farming, Construction, Biomed, Scientific Research & Development, Green & Sustainable energy generation.
- Financial Services, Captive Insurance, Funds Administration, Education & Training.
The current consultation builds upon a previous consultation DHSC held in February/March 2019 which garnered significant public, commercial and departmental input. Results of that process indicated that 95% of respondents supported the cultivation and manufacture of medicinal products in the Isle of Man, subject to a suitable regulatory framework.
Additional information and access to the consultation is available at: https://consult.gov.im/economic-development/regulatory-framework-for-cannabis-derived-products/