A company with conditional licences to cultivate, manufacture, and export medicinal cannabis is seeking funding options for a facility in the south of the island.
Enterprise Minister Tim Johnston took questions on the issue from MHKs Tim Glover and Jason Moorhouse this week.
Mr Johnston said: that Business Isle of Man “continues to promote the island as a potential base for participants in the sector.”
He confirmed the company has secured planning permission and is seeking financial backing.
Cautious
Mr Johnston described overall progress as “cautious and measured,” citing the “capital intensive nature” of operations and complex regulatory standards.
While welcoming the update, Mr Glover said: “One licence does seem pretty slow going so far.” He also asked for encouragement on what was “coming down the line.”
The minister replied that setting the regulatory “playing field” had been challenging but said that an application for financial assistance was being considered.
Mr Moorhouse however expressed concern, saying: “We’re hearing nothing new. It’s the same answer we get periodically.”
Mr Johnston said that there was progress, but it also required the business to source funding before much more progress can be made.