The Isle of Man’s first medical cannabis production license has been approved by the Gambling Supervisory Commission of the island, which regulates the sector, and awarded to the company GrowLab Organics.
GrowLab could now cultivate, extract, manufacture medical products, import and export cannabis.
Business Minister Tim Crookall said the approval “represents the dawn of a new economic sector”. He added that it would promote “high value-added economic diversification”, create new jobs and training opportunities and “encourage foreign investment”.
Applications to operate in the sector on the Isle of Man opened last June.
Alex Fray, managing director of GrowLab, said the company expects to create more than 50 jobs over the next three years.
“The emerging cannabis sector is potentially the most exciting global development of this generation and has the potential to transform the quality of life for millions of people. GrowLab Organics’ mission is to help people live better lives through the power of cannabis, while reducing the need to source cannabis from illicit sources for medical purposes. »
Medical cannabis is currently not available in the Isle of Man and there are no GPs registered to prescribe it. A license has however been granted to the company Karsons Pharmacy to import and distribute products to people with private prescriptions, paid for and not reimbursed by the local health system.