From next year the government will be taking action to commence its embarkation into the medical marijuana industry. This announcement was made by Premier and Minister for Finance Hon. Andrew Fahie in his budget address that was delivered in the House of Assembly on 14 November. This announcement came days after His Excellency Governor Augustus Jaspert mentioned that legislation to facilitate the industry was going to be heading to the House of Assembly during the present session.
In his announcement Hon. Fahie said that the place where the farm was going to be located was identified and already procured: “A land swap was performed with the HL Stoutt Community College to facilitate the establishment of the medical marijuana industry,” the Premier stated.
In explaining why government was pushing to establish this industry the Premier noted that there are figures coming out of the region in support of the sector: “Medicinal marijuana in the Caribbean is projected to be worth $2 billion and in Latin America the market is estimated to be worth $14 billion. BVI is moving to tap into this industry and develop to generate millions of dollars in revenue,” Hon. Fahie diclosed.
With certain needed facilitators of the industry in the pipeline the Premier mentioned that the move to commence this venture will start next year: “In 2020 we will continue infrastructural recovery of agricultural stations and take significant steps towards establishing the medical marijuana industry,” he said.
In his presentation of the Speech from the Throne the Governor in reference to medical marijuana said: “Our government will seek to develop the legislative framework to allow for the production and sale of medical marijuana. Through legislation there would be an increase in economic resilience in the Territory among many other positive medicinal benefits.”