Why it matters: The Bailiwick of Guernsey is experiencing growth in the medical cannabis industry, with an estimated 13,200 medical cannabis prescriptions in the past year. However, there is a need for massive investment to support the industry’s development.
What they are saying: Deputy Marc Leadbeater, a member of the Committee for Health & Social Care and a medical cannabis company director, highlights the lack of support from previous investors due to global developments in cannabis legislation. He believes that new investors who value the cannabis industry are needed.
The big picture: Guernsey has granted cultivation licenses to two cannabis companies, allowing them to serve patients with imported products. The island is aiming to become a medical cannabis hub and attract industry jobs. However, there are concerns about the availability of medical cannabis on the black market and the misuse of the drug by younger adults.
What to watch: Guernsey’s progress in attracting new investors and developing the medical cannabis industry will be worth monitoring. It will be important to see if the island can address concerns surrounding the black market and misuse of medical cannabis. Additionally, the fate of the medical cannabis industry on the neighboring island of Jersey, where the licensed hemp farm shut down, could provide insights into the challenges and potential risks.
My take: The rapid growth of the medical cannabis industry in Guernsey presents both opportunities and challenges. While the industry has the potential to bring economic benefits and job opportunities, there is a need for careful regulation and oversight to prevent misuse and the existence of a black market. Guernsey should prioritize ensuring the safe and legal distribution of medical cannabis while attracting investors who see the potential for the industry’s growth.
