An Australian company, PharmOut, has been chosen to conduct a feasibility study for the Nutraceutical and Medicinal Cannabis sectors in Fiji. The decision was made during a recent Cabinet meeting that addressed the industry’s potential in the region, receiving backing from the Australian Government and the Market Development Facility.
PharmOut’s comprehensive report evaluates both the economic and market viability of the medicinal cannabis industry in Fiji. It thoroughly examines relevant laws, regulations, and case studies to ensure due diligence. The study also assesses operational and financial prospects, considering logistics, the investment landscape, and potential socio-economic benefits.
Moreover, significant attention was given to risk assessments, including concerns over illicit usage and the attendant reputational risks. Following the study’s findings, the Cabinet has authorized the drafting of Medicinal Cannabis legislation. This initiative will proceed in collaboration with the Office of the Solicitor-General and the Ministry of Health and Medical Services.
This development signals a progressive step towards exploring the medicinal cannabis market in Fiji, which could stimulate economic growth and create new opportunities for local industries. With the potential for beneficial socio-economic impacts, this project underscores a forward-looking approach to harnessing the advantages of the medicinal cannabis sector while ensuring appropriate regulations are in place.
Summary: PharmOut has been appointed to conduct a feasibility study for Fiji’s Nutraceutical and Medicinal Cannabis industries, receiving support from the Australian Government. The comprehensive report will guide the drafting of relevant legislation along with an evaluation of economic viability, operational logistics, and risk assessments. This initiative is seen as a progressive step towards capitalizing on the benefits of the medicinal cannabis sector in Fiji.
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