Plans have been submitted to grow and export medical cannabis from a science and innovation centre on the Isle of Man.
Following an Island-wide consultation on its plans, Peel NRE found that 85% of responses were in favour of the industry development. Estimates show that the complex will generate between £90-180m for the local economy.
The project offers great potential for the Isle of Man to become a key player in what is becoming an impressive global cannabis industry.
Building the Cannabis Facility
ITV News reports that the company intends to submit a formal planning application by the end of the year. The company hopes that the cannabis science and innovation centre will be fully developed by 2027.
The proposal for the development comes following a change in legislation in January 2021, when the Isle of Man voted to legalise the medical cannabis industry. The new law approved the production and export of cannabis for economic development and allows commercial operators to produce medicinal cannabis products.
The Department of Health and Social Care is planning to collaborate with an on-island pharmacy to establish import and dispensing services for cannabis-based medicinal products. Such a partnership would enable patients with private prescriptions to source cannabis products in the Isle of Man.
Although medical cannabis has been legal in the UK since 2018, thousands of patients are still struggling to access medical cannabis. Lobbyists hope that industrial cannabis developments such as this will further the industry’s progress and provide UK patients with greater access to medicinal cannabis products.
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