Cannabis in the Isle of Man
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.
Download the GSC Guide to License’s here