The medicinal cannabis sector is the newest industry sector to be added within Business Isle of Man’s strategy to encourage and expand regulatory entrepreneurship as an economic engine for the island's growth and is a strong complement to our climate change agenda.
The Isle of Man already has a diverse Engineering and Manufacturing sector which includes a wealth of Biomed Companies producing a range of medical equipment.
In 2021 the Isle of Man Government introduced a flexible and detailed regulatory framework developed with industry. The regulations have been developed to allow commercial operators to grow, process, distribute and export cannabis products under license from the Isle of Man. The sector is regulated to allow operators to export to legal markets around the globe and provide the flexibility to allow for the innovation and novel new uses of the cannabis plant, ranging from industrial uses of hemp to medical uses of the plant and its extracts.
Key highlights
- Modern and flexible licensing regime that will evolve to meet the future needs and innovations of the cannabis sector;
- A stable regulatory and political environment with a business-friendly, approachable government and a strong and successful history of regulating new growth industries;
- An educated workforce with expertise in agricultural products, technology, regulatory compliance, ecommerce, shipping and exports;
- Existing manufacturing facilities available for sale and lease;
- Effective and efficient border controls, allowing government to maintain the highest levels of public health during the Covid pandemic which has resulted in the island businesses to remain largely open.