The first licence to produce medicinal cannabis products on the Isle of Man has been approved. GrowLab Organics (GLO) has been offered a conditional licence to cultivate, extract, manufacture, import and export the drug.
Chief Executive Alex Fray said the industry had the "capability to transform the quality of life". Enterprise Minister Tim Crookall said the approval in principle "represents the dawn of a new economic sector".
He said it would drive "high-value economic diversification" and provide new jobs and training opportunities as well as "encourage inward investment".
The licence was granted by the island's Gambling Supervision Commission, which regulates the sector.
Applications to operate within the industry on the Isle of Man were opened in June last year. Mr Fray said the firm expected to create over 50 jobs within the next three years. He said: "The emerging cannabis sector is potentially the most exciting global development of this generation and has the capability to transform the quality of life for millions of people.
"GLO's mission is to help people live better through the power of cannabis, whilst reducing the need for people to source cannabis from illicit sources for medicinal purposes."
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