- Regulatory guidance completed on requirements for the
licensing of hemp production and high-THC products – paving the way
for IOM to become a world-leader in the export of medicinal
cannabis
- No changes to domestic legality of prescription medicinal
cannabis or non-medical adult use of cannabis on the Island
DOUGLAS, Isle of Man,
June 11, 2021 /PRNewswire/ -- The
Isle of Man (IOM) Government has
confirmed that licence applications are open for the production,
distribution and export of medicinal cannabis products from the
Island.
The regulator for the sector - the Gambling Supervision
Commission ('GSC') – has now completed the guidance to support its
regulatory framework, which will provide interested parties with
details on the requirements for the licensing of hemp production
and high-THC products.
This marks a significant step in the IOM's bid to be a
world-leading exporter of medicinal cannabis, which will provide
significant economic investment and development for the Island. The
sector is expected to create 250 new jobs and £3 million in annual
benefit in the coming years, and considerably more through the
growth of associated infrastructure – including financial and
operational – to support the sector. The Government anticipates the
medicinal cannabis sector to also support and bring innovation to
the Isle of Man's Cleantech and
construction sectors, as well as develop businesses from within and
off the island. The growing global cannabis market provides
significant opportunity for economic development in the
Isle of Man, with the global
market forecasted to account for USD 82.19
billion by 2027 growing at a CAGR of 20.25% between
2020-2017, as increasing awareness about the advantages of cannabis
is expected to create new opportunity for the market.
Minister for Enterprise, Laurence Skelly MHK, commented:
'The growing global medicinal cannabis market provides significant
opportunity for economic development in the Isle of Man, and the new regulatory framework
and guidance will offer stringent and flexible licensing of a broad
range of cannabis products, which ranges from outdoor grown
industrial hemp to indoor grown medicinal products.
'The Isle of Man Government has every confidence that the GSC
will provide a world class regulatory structure required to
regulate this new and complex industry. I am delighted to welcome
licence applications and look forward to attracting quality
businesses to the Island, transforming the cannabis export sector
into a key contributor to the Isle of
Man's post-COVID economic recovery.'
Mark Rutherford, Director of
Policy and Legislation at the GSC, commented: 'The GSC already
has a sophisticated framework for supervising gambling. We have
worked carefully to apply the best of that framework to the risks
in the new sector and we have educated ourselves in the technical
areas that are new to us. What we now have will ensure that all
stakeholders will be competent, crime free and capable of building
a sector that is safe, trusted and efficient.
'As regulators, we aspire to put our regulatory umbrella above
as many consumers as possible so that they can benefit from
regulations that are well thought out and properly supervised.
Years of prohibition mean that the markets in which our licensees
will be participating are still in their infancy and still contain
many uncertainties. To address this situation, it is our aim to
ensure that consumers who purchase Isle
of Man products will be able to understand exactly what
their product contains through accurate labelling and independent
testing.
'The GSC recognises there are many stakeholders in this newly
created field and intends to extend its ethos of cooperation with
other government authorities into its approach to cannabis
regulation.'
The full guidance, along with licence applications and further
information is now available to view here:
https://www.isleofmangsc.com/
The Isle of Man's
regulations are aligned with current UK cannabis regulation and
practice and do not change the Isle of
Man's domestic policy toward the use of cannabis by
residents.
Notes to editors:
1 – According to the Data Bridge Market Research Report on the
Global Medical Cannabis Market, summarised here.
About the Isle of
Man
- The Isle of Man is a UK Crown
Dependency located in the heart of the British Isles, with a
population of 85,000
- A self-governing jurisdiction with the longest running
Parliament in the world – more than 1,000 years old – called
Tynwald, which sets its own laws and pays its own taxes
- The government of the Isle of
Man is a parliamentary representative democracy. As a Crown
Dependency, it is not subordinate to the government of the
United Kingdom
- Entirely self-funded jurisdiction with its own health service
and education system
- Strong, diverse economy, spanning a range of sectors, including
a long established high precision Engineering and Manufacturing
sector, and world-renowned e-gaming sector £5.43bn GDP. Aa3 stable
Moody's sovereign rating
- Financial and professional services 44% GDP. Technology 30%
GDP
- Lowest crime rate in the British Isles
- International melting pot of cultures. More than 50% of
residents are not Manx born
- The first and only whole jurisdiction to be named a UNESCO
Biosphere. The Isle of Man Government has committed to
transitioning to net zero emissions of all greenhouse gases by
2050.
- Host to world-famous TT motorcycle races since 1907