In January, after an extensive period of public and industry consultation, the Isle of Man embarked on a bold new regulatory journey. As a UK crown dependency in the middle of the Irish Sea, the island has a parliament (Tynwald) with its own legislative authority to enact laws and establish new regulations.
As such, despite its close ties to the UK mainland, the Isle of Man didn’t have to consult with its larger neighbour to the east before it announced the launch of new regulations and a new licensing system for a novel sector on the island – the cultivation, distribution and export of medicinal cannabis.
The Isle of Man – with a population of around 85,000 – has an established history of leveraging its legislative powers to nurture new business sectors and diversify its economy. The clearest example of this is in the development of the island’s e-gaming industry, with online gambling-related revenues accounting for around 17% of GDP.
With the Tynwald amending the Misuse of Drugs Regulations, Man has opened the door to issuing licences for the production and export of cannabis. Initial licence applications for hemp production are expected to begin imminently, and regulators are finalising their approach to more sensitive, high-THC cannabis crops – more relevant for the medical market – with detailed guidance and the first licence applications proposed for the first quarter of 2021.
Read more at pharmaceutical-technology.com