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Isle of Man to grow cannabis business to diversify economy

The Isle of Man has for decades been dominated by offshore financial services, but now its government is planning a push for a new kind of economic growth: medicinal cannabis.

The British crown dependency is hoping to license as many as 10 firms by the end of 2025 to grow and export medicinal cannabis products from the island as part of a strategy to spur development.

Tim Johnston, the Isle of Man’s minister for enterprise, said the island’s government was “really looking to diversify our economy” and that encouraging a medicinal cannabis industry was one aspect of a plan to nearly double GDP by 2032, create 5,000 more jobs, and give younger Manx opportunities on the island.

Johnston said: “We recognize we’ve got an older population. We’re keen to see that change.” The island in the middle of the Irish Sea has a population of 84,000 and an economy that has long left behind sectors such as fishing in favor of financial services.


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