The Cabinet has taken a significant step by reviewing the Medicinal Cannabis Industry Feasibility Study Report and approving the drafting of legislation for the medicinal cannabis sector. This initiative will be carried out in cooperation with the Office of the Solicitor-General and the Ministry of Health and Medical Services.
The Australian Government, along with the Market Development Facility, has provided its support for this project. PharmOut, an Australian company, has been tasked with developing the feasibility study focusing on both the Nutraceutical and Medicinal Cannabis Industries in Fiji.
PharmOut’s comprehensive report covers several important areas, including:
– Economic and market feasibility, alongside due diligence that encompasses relevant laws, regulations, and case studies.
– Operational and financial viability, detailing logistics, legislative frameworks, and the investment climate.
– Guidance regarding legislation and evaluation of potential benefits, as well as the socio-economic impacts of the industry.
– Strategic analysis and risk assessment, particularly surrounding illicit use and reputational risks.
This move towards medicinal cannabis legislation not only shows a proactive approach to potential economic growth in Fiji but also emphasizes a commitment to responsible development within the sector. By consulting legal and health authorities, the government aims to ensure that the implementation of such legislation will maximize benefits while mitigating risks.
Overall, this development could pave the way for new job opportunities, advancements in healthcare, and increased investment in Fiji’s economy, ultimately leading towards a more sustainable future.
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