Cultivating medicinal cannabis on the Isle of Man provides an opportunity to "tap into a global sector”, the a firm set to build a new production facility has said.
GrowLab Organics (Glo) was recently given permission by planners to construct a purpose-built complex to grow and export the drug.
Following law changes the previous year, the firm was given a licence to cultivate, extract, manufacture, import and export the drug in 2022.
Chief executive Alex Fray said there was a "transition around the world from illegal to legal for medical", which offered "economic opportunities the island is well suited to".
He said the island had a "history of being innovative in creating economic niches" in areas including financial services, e-gaming and its shipping register.
"I felt there was an opportunity for the Isle of Man play a role in this global sector that’s opening up in front of us," he said.
The UK medical cannabis market is the second largest in Europe and is expected to be worth £300m in 2025, according Prohibition Partners, which is market research firm that promotes the industry.
Most products remain unlicensed, which means they have not undergone certain clinical trials, or been deemed cost-effective by the National Institute for Health and Care Excellence, the organisation responsible for evaluating drugs.
MAILEN DESIGNMr Fray said there was "a huge argument for transparency" as there was a "huge legacy market" with many customers still buying illegally produced goods.
He said he believed medicinal cannabis could "have a positive impact on the quality of life for people suffering from a wide range of conditions".
The firm aims to build the facility within 12 months, with goods being exported by 2026.
