An Australian company, PharmOut, has been chosen to conduct a feasibility study on the Nutraceutical and Medicinal Cannabis industries in Fiji, with backing from the Australian Government and the Market Development Facility. This development was announced during a recent Cabinet meeting, where officials reviewed the Medicinal Cannabis Industry Feasibility Study Report.
The comprehensive study provided by PharmOut evaluates economic and market feasibility, alongside a thorough analysis of laws and regulations relevant to the industry. It assesses operational and financial viability, including logistics, investment conditions, legislative guidance, and potential socio-economic impacts. Additionally, it emphasizes risk assessment concerning potential illicit use and reputational challenges.
In response to the findings of the report, the Cabinet has approved the drafting of legislation for the Medicinal Cannabis industry. This legislative process will take place in collaboration with the Office of the Solicitor-General and the Ministry of Health and Medical Services.
With the growing global acceptance of medicinal cannabis and its numerous potential benefits, this initiative represents a significant step for Fiji towards a regulated and well-structured approach to the industry. By carefully evaluating all aspects—from legal frameworks to economic impacts—Fiji is paving the way for a responsible exploration of medicinal cannabis that could stimulate economic growth while enhancing public health outcomes.
Overall, this development is positioned to foster a better understanding and potentially fruitful partnership in the medicinal cannabis sector, which could bring about positive changes for the Fijian economy and community wellness.
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