BUSINESS ISLE OF MAN IS RESPONSIBLE FOR SECURING THE ISLE OF MAN'S STATUS AS AN INTERNATIONALLY RESPECTED ECONOMIC HUB FOR THE EXPORT OF HIGH VALUE ADDED PRODUCTS AND RELATED SERVICES.
In 2021 the Isle of Man Government introduced a flexible and detailed regulatory framework to allow commercial operators to grow, manufacture, distribute and export cannabis products under license from the Isle of Man.
The sector is regulated by the Isle of Man Gambling Supervision Commission (GSC), whom already boast a world-class system for assessing regulatory risk and conducting physical inspections for its licensees through its supervision of the gambling sector. The GSC have worked carefully to apply the best of that framework to the risks in the new sector, ensuring that all stakeholders will be competent, crime free and capable of building a sector that is safe, trusted and efficient.
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.
There are several licensing pathways under the new legislation which are dependent upon the type of cannabis product the intended licensee wishes to either produce, distribute or export from the Island. These include:
For organisations wanting to grow Low THC cannabis for the production, distribution or export of fibre/industrial hemp or CBD products.
For organisations looking to grow High THC cannabis.
For organisations looking to import or export to/from the Isle of Man.
For organisations looking to process or extract cannabinoids from cannabis biomass.
For organisations looking to possess cannabinoid substances for the purposes of performing analysis on behalf of third parties.
For organisations looking to transport and store cannabis independent of cultivation.
The Isle of Man offers a modern and flexible licensing regime that will evolve to meet the future needs and innovations of the cannabis sector. Boasting a stable regulatory and political environment, the Island also has a strong and positive history of regulating new growth industries.
Along with existing manufacturing facilities available for sale and lease, the Island is home to an educated workforce with expertise in agricultural products, technology, regulatory compliance, ecommerce, shipping and exports.
The Isle of Man is not only a safe place to set up your operation, it can provide a licensed and legitimate home for your business as well as a financially rewarding base with 0% standard rate of corporate income tax.
