Our established relationship with the Gambling Supervision Commission, the Government and network of intermediaries including banks and law firms, places us in an excellent position for the regulated cannabis sector on the Isle of Man.
Our previous success in emerging sectors indicates our agility in adopting innovative services. We have already began working in the cannabis sector which demonstrates our pro-active nature, and believe the newly regulated cannabis sector holds huge potential for our clients which can benefit from our bespoke structuring services.
“We approach the Cannabis sector with the same authenticity as we do with other sectors, undertaking extensive research so we can engage with those in the sector with a trusted understanding and the ability to quickly identify areas where we can best assist and support. As an multi-award winning corporate service provider we provide bespoke services that are tailored to each sector, with Cannabis being no different. Our team members hold exceptional expertise in licensing and the regulatory environment on the Isle of Man, and we welcome all enquiries from both the medicinal and industrial Cannabis space.”
In 2021, new legislation was approved by the Isle of Man Government to allow the cultivation, extraction, manufacturing, importation and exportation of medical and industrial derived cannabis products.
The emerging Cannabis sector has been identified to boost the Isle of Man economy by £3 million, furthermore poses huge potential to provide high-value economic diversification and generate employment in multiple industries such as Medical, Nutrition, Agriculture, Construction and Transport.
Since the drafting of regulation passing in June 2022, there has been much activity across multiple industries, which has involved various business propositions outlining innovative projects in the space. The sector is encouraging quality businesses and the development of innovative and sustainable projects.
In the last year, we have adopted a pro-active approach in developing our knowledge on the sector and networking within the community. We are developing key relationships to support our position as a leading Corporate Service Provider in the space.
The selected regulator is the Gambling Supervision Commission (GSC), which holds a prestigious reputation in regulating multiple sectors on the Isle of Man with a sophisticated gold standard tier 1 regulatory framework.
The GSC will provide the sector with a modern approach in multiple licensing pathways under the new legislation, which are categorised by the type of cannabis product intended to be cultivated or exported from the Isle of Man.
The Isle of Man Government ran a public consultation for a cannabis regulatory reform in 2019 to gain an understanding of the publics support. The consultation resulted in 99% of respondents in favour of a cannabis regulatory reform, which provided them with a clear indication to explore the sector further.
The multiple licenses and various fee structures available enhances the flexibility for interested parties from different industries which encourages innovation across the sector. The variety of licences include; Industrial Hemp Licence, High THC Cultivation Import/Export Licence, Manufacturing and Extraction Licence, Analysis Licence, Research and Development Licence and Transport and Storage Licence.
In 2018, Malta passed legislation for the Production of Cannabis for Medicinal and Research Purposes Act. Since then, Malta has been the first mover within Europe to legalise the cultivation and personal use of cannabis.
The regulation has come into effect after recognising the significant economic potential the sector could offer the jurisdiction and its local industries, including pharmaceutical and agriculture. In addition to generating new employment across industries.
The jurisdiction had the aim to regulate the sector to increase the level of regularised activity in the product, to allow individuals to grow and utilise the drug recreationally in very small quantities.
The regulation opens the jurisdiction to medical cannabis market, which provides access for individuals to utilise the product for health care conditions. It is noted that the European cannabis sector will be valued at €115 billion by 2028.
The Malta Medicines Authority will regulate the cannabis sector, in which have developed a licensing framework and guidelines for recreational use of the drug, titled The Authority of Responsible Cannabis Use.
The introduction of the regulated cannabis sector has not made the drug in the jurisdiction entirely legal, with fines in place for individuals possessing more than 7 grams and growing more than 4 plants at home.
The Government have also implemented fines to deter individuals from smoking the drug in public, including an additional fine in the presence of infants.
There is a licensing framework in place for the distribution of the drug, to regulate the market and control the amount an individual can have access to. Individuals may access the drug from an association – to which they can only be a member of one association.
They have also introduced various policies to regulate the sector including, issuing permits, monitoring the distribution, advertisement in the sector and managing fines or breaches in regulation.
We provide our clients close assistance from bespoke cannabis consultancy, to understand their unique business model and goals to the licence application formation. Our experience with the Regulator in each of our jurisdictions provides us with the expertise on how to form a licence application of the highest standard. In addition to this, we provide guidance and work with our clients to form a comprehensive business plan.
Our relationship with the Government in each of our jurisdictions supports our assistance with Government grant applications on behalf of the client. Our global network of intermediaries, which includes established relationships with banks, lawyers and auditors supports our seamless service.
In addition to our clients receiving a dedicated point of contact, our administration team provide an efficient on-boarding process from the incorporation to the on-going administration. Our services continue to support the business as it grows and flourishes.
Our knowledge in each of our jurisdictions and established networks also provides our clients with added value. We can provide assistance with obtaining local employment and much more.
As an experienced Corporate Service Provider on the Isle of Man in niche and emerging sectors, specifically eGaming and Fintech, our teams hold an integral understanding on the Isle of Man’s regulatory regime and licensing process.
In the last year, we have adopted a pro-active approach in developing our knowledge on the sector and networking within the community. We are developing key relationships to support our position as a leading Corporate Service Provider in the space.
We have been assisting clients in the eGaming sector since 2014 and provide a personal approach to corporate services. We hold a 100% licence application success rate within the eGaming sector, which demonstrates the standard of our applications that we form on behalf of the client.
Our services are bespoke and tailored to meet the needs of a unique business model.
If you would like to know more on our Cannabis services or have an enquiry, please visit our contact page here, or alternatively email us at info@affinityco.com
When? 2-3 May, 2023 Where? The Barbican Centre, London Roxy Sheeley and Eliza Rayner will represent Affinity Group at Cannabis Europa, taking place at The Barbican in London on 2-3 May 2023. Cannabis Europa 2023 will see 1,500+ influential leaders from thriving cannabis companies, investors, and key politicians come together to drive the European cannabis…
The cannabis market is transitioning from illegal to legal around the World right now. This is a truly seismic event as witnessing a well-established, deep, liquid market with millions of participants transition from illegal to legal is an extremely rare occurrence, with perhaps the end of alcohol prohibition c. 100 years ago being the only…
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Affinity are a regulated Corporate/Fiduciary providers, we are not professional tax advisors.
Any information provided is based on our Company’s many years of experience in the industry and practical knowledge of workable solutions. We propose tried and tested solutions which we have utilised and are happy to propose to potential clients. We always recommend that clients obtain independent advice prior to committing to a structure.
