The Economic Development Minister for the island of Jersey has announced plans to grant cultivation for high-THC Cannabis, early next year. Minister Lyndon Farnham made the announcement at Cannabis Europa’s North American event, this week.
Speaking in Toronto, Farnham claimed that Jersey would continue to establish itself as a leader of the European Cannabis market. In the past year, Jersey has been the leader of the Cannabis sector.
For instance, policymakers on the island have been more noticeably more vocal on the subject, than their UK counterparts. In addition, licenses for the cultivation of medical Cannabis, and extraction of CBD on the island have recently been granted.
Subsequently, Minister Farnham’s keynote speech at Cannabis Europa‘s Toronto convention establishes Jersey’s intention further. Farnham promoted the island’s growing Cannabis sector as the ideal base for North American companies looking to expand into the European market.
Economic Development Minister, Lyndon Farnham, claimed:
“Jersey is perfectly placed to be part of a new industry that is about the provision of medicine, innovative cutting-edge science, high-value agriculture, the creation of intellectual property and global regulation.”
He continued to express the importance of a well-regulated medical Cannabis industry. Farnham drew parallels between the jurisdiction’s growing Cannabis sector and its tightly regulated banking, and agricultural sectors.
Policymakers on the island hope that their approach to the regulation of the industry will attract investment from further afield. Minister Farnham, therefore, stated that Jersey “will play its part in helping to build a responsible, well-regulated, trusted and effective industry”.
In addition to the island’s current milestones in the Cannabis industry, Jersey now plans to grant a number of licenses. These licenses would allow the cultivation of high-THC Cannabis for medical use. Minister Farnham claimed that the first of these licenses could be granted by early 2020.
Prohibition Partners has estimated that the European medical Cannabis market could be worth €58 billion by 2028.