The Isle of Man Government’s Department for Enterprise has confirmed that GrowLab Organics (GLO) has been offered the first conditional medicinal cannabis licence for export in the Isle of Man.
The Isle of Man Gambling Supervision Commission (GSC) has issued the first letter of approval in principle to GrowLab Organics to cultivate, extract, manufacture, import and export medicinal cannabis from the Isle of Man.
GLO is a British cannabis company founded in 2018 and headquartered in the Isle of Man. The company expects to create more than 50 jobs on the island within the next three years.
“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,” Alex Fray, Chief Executive Officer at GLO, commented. “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. Our unique and innovative approach will improve the quality, consistency and range of products available to patients.
In early 2021 the Isle of Man Government introduced a regulatory framework to allow commercial operators to grow, manufacture, distribute and export cannabis products under licence from the Isle of Man. The initiative, which was supported by the Economic Recovery Group and Business Isle of Man, saw the Isle of Man Gambling Supervision Commission (GSC) appointed as the Regulator. Licence applications were opened in June.
The first licence has been issued conditionally and will enable the successful applicant to operate in the medicinal cannabis sector in the Isle of Man provided they meet the requirements outlined by the licence offer.
Minister for enterprise Tim Crookall said: “The Isle of Man has a rich history of innovation in developing new sectors, and our Department plan clearly sets out ambitious targets through the Business Agency to fully realise the potential of this market in the Island.
“This first offer letter represents the dawn of a new economic sector in the Isle of Man, which will drive high-value economic diversification across existing local sectors, stimulate job and training opportunities for Manx workers and encourage inward investment.
“I am optimistic that this will play a key part in the Isle of Man’s economic future and look forward to working with the Business Agency to continue to support and develop the highest calibre of companies establishing in the Island within the medicinal cannabis sector.”
The Isle of Man’s new medicinal cannabis industry is regulated by the GSC. Since applications opened last year, the organisation has worked closely with a wide range of stakeholders to develop and agree a licensing framework that will enable a well-regulated sector to grow on the island.
“Historically cannabis was woven into the fabric of Manx agriculture with hemp being grown on the island for rope and sail cloth,” Crookall added. “Now it’s back, with a continuation of the island’s history of innovation and economic diversity and as part of that we expect to create over 50 jobs within the next 3 years.”