ISOLAS LLP advises and assists Her Majesty’s Government of Gibraltar (“HMGoG”) with the preparation of a Bill for an Act to make provision for the regulation of the production, import, export, marketing and supply of cannabis for medicinal purposes and for connected purposes.
On 5 August 2021, HMGoG published a Bill for an Act to make provision for the regulation of the production, import, export, marketing and supply of cannabis for medicinal purposes and for connected purposes (the “Bill”). This followed the announcement of the Minister for Public Health in his Budget address to the Gibraltar Parliament.
In his speech, the Minister stated that HMGoG is supporting the efforts of the private sector to establish the appropriate legal and regulatory architecture in order to create a robustly regulated medicinal cannabis industry. The Bill creates a new, potential industry that is regulated fully in accordance with the UN Single Convention on Narcotic Drugs, 1961, as amended from time to time.
Subject to discussions with the UK Government, HMGoG foresees various potential outcomes in respect of this new market, including:
(a) regulatory alignment with the United Kingdom Medicines and Health Care Products in respect of certification of local licences;
(b) engagement with UK Government departments and agencies in respect of UN Single Convention reporting and related matters;
(c) exploring product demand that may exist in the United Kingdom that Gibraltar’s new economic sector may be well placed to supply; and
(d) synergies arising in respect of research and the development of the sector more broadly.
As the Minister explained in his statement to Parliament, it is the strict policy of HMGoG that the statutory and regulatory architecture ensures that only the most reputable businesses should be licensed. The Minister noted that this new industry, broadly regulated to the highest standards, could well create a pioneering and thriving sector of Gibraltar’s economy. The Minister noted that the new market could lead to quality employment and export opportunities to different countries.
ISOLAS Partner, the Hon Neil Costa, was delighted to have been asked to advise and assist HMGoG with the preparation of the Bill. The Hon Neil F Costa, commented: “We, at ISOLAS, are delighted to have assisted and advised HMGoG on the preparation of this Bill. As the Minister for Public Health stated when he addressed Parliament, it is predicted that medicinal cannabis as a business will continue to grow worldwide for the foreseeable future.”
The Hon Neil Costa and his team at ISOLAS are available to advise on this innovative opportunity in order to ensure that the production, import, export, marketing and supply of cannabis for medicinal and connected purposes are carried out in accordance with the proposed law once enacted. ISOLAS looks forward to advising and assisting potential clients in this innovative market. Kindly contact Neil at email@example.com.