IOM Enters the Global Cannabis Market

A new legislation has recently passed through Tynwald, the Isle of Man’s government, to allow the production and exportation of Cannabis. The new regulatory framework in place will permit the Island to enter the growing global cannabis market which exposes many new opportunities to create a variety of medical and industrial derived cannabis products for export. The emerging market has been identified to boost economic activity by £3 million, generate employment and benefit local industries.

The selected regulator for the new sector is the Gambling Supervision Commission (GSC) which will carry out the proposed framework and hold responsibility for all license applications. The GSC is well placed to regulate the industry, its previous capabilities in the eGaming sector demonstrates its suitability to replicate stringent licensing processes that are highly efficient and fortified their reputation with a gold-standard regulatory regime. The GSC’s impressive previous performance puts the island in a secure position to satisfy a variety of interested parties with multiple licensing structures facilitating the wealth of opportunities the new market proposes. In offering multiple license application and fee structures it opens the market to a larger amount of cannabis derived products and increases the economic output. A variety of licenses can be applied for which include high THC levels for medicinal cannabis derived products and low THC levels for hemp derived products. Multiple industries have been recognised to benefit the global cannabis market such as Construction, Nutrition, Medical, Transport, Wellness and Agricultural.

The Cannabis consultation response created by the Isle of Man Government has undergone a series of assessments by multiple, external parties to present a fair regulatory process and license fee structure that underpins many individual requirements. The feedback also demonstrated the varying demand across the sector implying a positive response, mitigated any risks and took into account all suggested considerations to create the most value out of the framework. The support to create multiple separate licenses which encourages flexibility within the industry supply chain and a capped fee for multiple licenses to increase accessibility are some examples.

Our wealth of experience as a Corporate Service Provider in the eGaming sector on the Isle of Man and established relationship with the GSC places us in a strong position to become the leading CSP in the emerging cannabis market. Our existing knowledge of the jurisdiction and developed expertise of the licensing process ensures our capabilities to meet many individual requirements. Our personal approach ensures consistent support that covers assistance with government grant applications, crafting business plans, consultancy, company incorporations and VAT registrations.

Our eGaming sector is thriving and we hope that the cannabis market will replicate some of this success and strengthen the islands global leading reputation as a first class jurisdiction.

Please do not hesitate to contact the Affinity Group team for more information at info@affinityco.com.