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Jersey's medicinal cannabis industry profits to be taxed at 20%

Companies growing medicinal cannabis in Jersey will pay 20% tax on profits, Senator Lyndon Farnham has confirmed.

He said planning and environmental issues related to the industry were being carefully monitored and managed.

Ministers issued the first licences for the commercial cultivation of cannabis in December.

The economic development minister said no tax subsidies or grants had been offered to growers, which he argued could contribute millions in taxes.

Senator Farnham's comments follow questions from backbench politicians on how the industry will be regulated and benefit the economy.


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