Jersey's medicinal cannabis industry is still on course to become a "significant" part of the economy – having already generated around £60 million of investment in the Island – the Economic Development Minister has claimed.
Deputy Kirsten Morel said that local growers had contended with high start-up costs and strict regulatory standards but that his department expected demand for medicinal cannabis to grow as more countries allowed for it to be prescribed.
In 2021, former Economic Development Minister – now Chief Minister – Lyndon Farnham predicted that the industry would start generating "meaningful returns" within five years and that it could become a "mainstay" of Jersey's economy.
Deputy Morel said: "It is on course to become a significant part of the economy. "The reason for that is because, ultimately, it's creating a high-value crop which is in demand. We expect that demand to grow over the years, particularly as many more countries around the world allow medicinal cannabis prescription, etc. So the long-term outlook is a good one."
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