The British crown dependency hopes 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 recognise 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 favour of financial services. Insurance is the largest sector, accounting for nearly a quarter of the £5bn annual output, while the next largest is gambling: Isle of Man firms offer "white label" services to essentially lend their licences to non-UK companies.
This story is from the May 15, 2023 edition of The Guardian.
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This story is from the May 15, 2023 edition of The Guardian.
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