An Australian firm, PharmOut, has been chosen to conduct a feasibility study for the Nutraceutical and Medicinal Cannabis Industries in Fiji, a decision that received backing from both the Australian Government and the Market Development Facility. This was announced during a recent Cabinet meeting that assessed the feasibility study report on the Medicinal Cannabis Industry.
The report produced by PharmOut offers an in-depth analysis covering economic and market feasibility, along with a thorough examination of pertinent laws and regulations, as well as illustrative case studies. It discusses operational and financial aspects, including logistics, legislative guidance, and potential socio-economic impacts.
Additionally, the document addresses risk factors such as the potential for illicit use and associated reputational risks tied to the industry. Following the study’s review, the Cabinet has approved the initiation of drafting legislation for Medicinal Cannabis, which will be developed in collaboration with the Office of the Solicitor-General and the Ministry of Health and Medical Services.
This initiative represents a significant step toward expanding Fiji’s agricultural and medicinal sectors, potentially generating economic growth and providing therapeutic options for its population. By actively engaging in this emerging industry, Fiji could enhance its international market presence and foster innovation in health-related services.
In summary, the decision to develop this feasibility study aligns with global trends toward increased acceptance and utilization of medicinal cannabis, positioning Fiji to harness the benefits associated with this sector while ensuring regulatory frameworks are established for responsible use.
Leave a comment