Economic Development Minister Lyndon Farnham hailed the move as the ‘birth of a new economic sector’ for the Island.
The government has previously indicated its intention to diversify the rural economy, including enabling a medicinal cannabis industry.
A total of 20 European countries have approved the use of medicinal cannabis and the industry could be worth $3.9 billion worldwide by 2025.
Senator Farnham said: ‘These licences represent the birth of a new economic sector in Jersey. It will have an important economic impact, driving high-value economic diversification, creating jobs, encouraging inward investment and generating tax new revenues to support economic recovery.’
A cross-government team has been set up to develop the regulatory framework which is being overseen by the Jersey Cannabis Agency, which can provide licences to cultivate, possess and supply cannabis for medicinal and research purposes.
The States Assembly allowed GPs to prescribe cannabis in 2018.
Demand for medicinal cannabis is seeing annual patient growth rates of around 60% in Germany and Italy, and it is hoped that Jersey’s proximity to these markets will boost the Island’s economy.
Senator Farnham added: ‘I see the Island’s growing medicinal cannabis sector as the ideal base for companies across the world, looking to expand into the European market. Jersey is perfectly placed to be part of a new industry that is about the provision of medicine, innovative cutting-edge science, high-value agriculture, the creation of intellectual property and global regulation.’
In the summer of 2019, plans were approved for the creation of a medicinal cannabis farm and research centre in two agricultural sheds near Crabbé, in St Mary.
