The Gibraltar Government wants to establish a “world class ecosystem” for medicinal cannabis research in Gibraltar and will consider licensing “a select, highly reputable and well-resourced” group of investors in the sector.
During a budget speech yesterday, Chief Minister Fabian Picardo said his government believes this could be a “Brexit proof” area of future business that will help diversify Gibraltar’s economy.
“The proposals include the research, development and production of medicinal cannabis products in carefully monitored and regulated state of the art, environmentally advanced facilities,” he said.
“We have given very careful thought to how this sector and technology might be leveraged in Gibraltar, in particular, how leading research and production talent can be attracted to Gibraltar, producing a new world class ecosystem in a new sector.”
“Controls and monitoring will be critically important to ensure that our good reputation is not threatened and is indeed, positively enhanced.”
Mr Picardo said the new technology would bring jobs in cutting-edge medical research, product development and production.
As well as diversifying the economy by creating a product that could be exported with strict oversight, the new sector will provide “high grade, affordable medicinal cannabis products” for local patients.
“In order to ensure the highest standards, we will establish an agency to deal with research, vetting of purchasers, levying duty and ensuring quality of supply, meeting local and international standards and full transparency,” the Chief Minister said.
The agency will facilitate trade with third parties, including government-to-government sales, establishing Gibraltar’s position within the sector and promoting the Rock’s good reputation and international links.