Fiji stands on the brink of cultivating a new economic landscape as it explores the feasibility of a medicinal cannabis industry. With the potential to significantly boost the nation’s economy, this move could mark a transformative period in Fiji’s agricultural and pharmaceutical sectors.
Consultancy and Feasibility Deputy Prime Minister and Minister for Trade Manoa Kamikamica has announced the engagement of a consultancy firm to conduct a comprehensive feasibility study. This study aims to assess the economic benefits of medicinal cannabis and its viability within Fiji’s market.
Cabinet Considerations The Fijian Cabinet is awaiting the consultancy report, due in May, before giving the green light to proceed with legislation. This cautious approach underscores the government’s commitment to thorough research and public consultation.
Economic Projections
A Lucrative Market The medicinal cannabis industry promises an estimated annual return of $140 million once operational. This figure represents a significant injection into the Fijian economy, with local and overseas investors already pledging close to $100 million to kickstart the project.
Job Creation and Diversification The establishment of this industry is expected to create jobs and diversify Fiji’s economic portfolio. It aligns with the government’s strategy to expand economic opportunities and address pressing issues such as poverty and national debt.
Regulatory Framework
Legislation and Control The Fijian government is poised to review and amend relevant laws to facilitate the medicinal cannabis industry. This includes establishing mechanisms for foreign investment and creating policies that ensure the industry’s secure and regulated operation.
Public Consultation Public acceptance is crucial, and the government is focused on regulating the production for export purposes, with no local consumption planned. The emphasis is on securing the product due to its illegal nature in other contexts.
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