The medicinal cannabis industry in Jersey has attracted approximately £60m in investments since 2016, according to the Economic Development Minister, Deputy Kirsten Morel. This figure was revealed at a Scrutiny hearing chaired by Deputy Moz Scott. The investment has primarily been used in constructing cannabis farms, an undertaking that involves significant financial outlay due to the high regulatory standards in place on the island. The first license for commercial cultivation of medicinal cannabis was granted in January 2021. In light of this, Jon Robson, COE/Founder of Mamedica – the UK’s leading medical cannabis clinic – highlights the potential economic benefits for the UK and crown dependencies amidst the medical cannabis boom that is taking place.

This comes as Jersey finds itself in a race between Guernsey, The Isle of Man and the UK, to maximise their share and economic benefit of the nascent medical cannabis market. The Isle of Man was the last of the crown dependencies to legalise medical cannabis cultivation, and the government is now planning to diversify its economy by licensing up to 10 firms by the end of 2025 to grow and export medicinal cannabis products. The government’s strategy is to spur development and diversify from the island’s dominant offshore financial services sector. The island’s Minister for Enterprise, Tim Johnston, stated this plan is part of a broader aim to nearly double GDP by 2032, create an additional 5,000 jobs, and provide opportunities for younger residents.

The UK currently finds itself at the forefront of this shift – and as a surprise to many – is in fact already one of the biggest exporters of legal cannabis outside of North America for medical and scientific purposes. In late April, the UK parliament held a debate discussing the contribution of medical cannabis to the UK economy, which could provide a much-needed £1bn boost if regulation around the sector is relaxed. Amongst issues raised, MPs also highlighted that the industry could create 100,000 new jobs at a time when mass layoffs are being seen across the country.