A consultation document was presented to the government of The Isle of Man, which seeks a regulatory framework focused on CBD export. Advocates of the consultation draft assert that the regulatory strategy could see the country better placed to regulate licensing CBD products.
The regulatory consultation was developed at the Department of Enterprises and foresees plans to grow both hemp and marijuana, develop extraction and other cannabinoid infrastructure, and establish import and export techniques.
Under the Misuse of Drugs Acts, 1976z, cannabis is a controlled substance in The Isle of Man. However, a clause in the same Act gives provision for issuing a license for the cultivation, harvesting, and processing of cannabis products. The consultation on shipping out cannabis seeks to capitalize on that provision to develop a strategy aimed at export only.
Approval of that consultation would establish an industry focused on the production of CBD and medical marijuana.
Considering Parliament’s efforts to improve access to medical marijuana, the consultation notes that it is the best opportunity for the Isle of Man to provide the right regulatory framework for businesses to operate on the island and discuss market strategies with the EU as they embrace the industry.
To be approved, the proposal will have to face a parliamentary session hearing a vote which could take place in December. If approved, the proposal could be implemented by January 2021, an advocate revealed.
The Department sees an opportunity to create a framework for regulating licensing structures to serve the need for todays and future cannabis-derived products.
The objective is to facilitate, through a world-class regulatory structure, a new CBD cultivation processing industry for import and export while safeguarding the Island’s reputation, the health and safety of our community, and our commitment to encourage sustainable economic activity in harmony with our natural resources, the consultation reads in part.
The Isle of Man has untapped potential, with CBD having the capacity to create up to 250 employment opportunities by 2025 and generate up to £11.5 million ( €12 million/ $14.5 million) in wages and an estimated potential income of £3 million (€3.3 million -$4 million) per year in revenue, the consultation observes.