An Australian firm, PharmOut, has been chosen to conduct a feasibility study for the Nutraceutical and Medicinal Cannabis sectors in Fiji. This initiative enjoys the backing of the Australian Government and the Market Development Facility.
The announcement was made during a Cabinet meeting that reviewed a report on the feasibility of the Medicinal Cannabis Industry. PharmOut’s study has produced an extensive report covering the economic and market feasibility, as well as a thorough analysis of applicable laws, regulations, and relevant case studies.
The report delves into operational and financial viability, exploring logistics, legislative frameworks, investment conditions, and potential socio-economic impacts. It also includes a risk assessment addressing concerns related to illicit use and any reputational threats.
In a significant development, the Cabinet has approved the drafting of legislation related to Medicinal Cannabis. This process will involve consultations with the Office of the Solicitor-General and the Ministry of Health and Medical Services.
This step toward establishing a framework for Medicinal Cannabis and Nutraceutical industries in Fiji holds promise for diversifying the economy and attracting investment. By focusing on comprehensive feasibility studies and engaging with legal and healthcare authorities, the initiative demonstrates a responsible approach to moving forward in the emerging market of medicinal cannabis.
Leave a comment