Following a recent announcement that government will be drafting laws to facilitate “the production and sale of medical marijuana”, Premier Andrew Faie has said steps are already being taken to roll out the local production aspect of the business.
He said: “A land swap was performed with the H Lavity Stoutt Community College to facilitate the establishment of the medical marijuana industry.”
“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,” Fahie said while delivering his Budget Address for the upcoming 2020 fiscal year.
The Premier further told the House of Assembly that, come 2020, the government “will continue the infrastructural recovery of agricultural stations and take significant steps towards establishing the medical marijuana industry”.
Fahie, who is also the Minister for Finance, is projecting “potential medium to long-term economic impact” from medicinal marijuana as well as medical schools.
“These initiatives are expected to lead to increased revenue to government, increased private sector activities including increased employment opportunities, increased disposable income to individuals and increased savings and investment levels in the economy,” he reasoned.
Premier Fahie said he believes economic growth and expansion can be easily predicted once the BVI begins to yield good results from the medical marijuana industry.
There have been several calls over the years for the BVI to relax its marijuana laws and consider cashing-in on the multimillion-dollar industry.
Copyright 2022 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.