The Cabinet has made significant strides towards developing the medicinal cannabis sector in Fiji by reviewing the Medicinal Cannabis Industry Feasibility Study Report. The report paves the way for the drafting of forthcoming legislation related to 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 has gained momentum with the assistance of the Australian Government and Market Development Facility. As part of this effort, PharmOut, an Australian company, has been engaged to carry out a thorough feasibility study focused on both the Nutraceutical and Medicinal Cannabis Industries in Fiji.
The comprehensive feasibility study presented by PharmOut covers various critical aspects, including:
– Economic and market feasibility, along with due diligence, examining the relevant laws and regulations as well as successful case studies.
– Operational and financial viability, considering logistics, legislative frameworks, and the broader investment climate.
– Guidance on legal frameworks and an assessment of the potential benefits and socio-economic impacts.
– A strategic analysis that includes risk assessments concerning potential illicit use and reputational risks.
This development signifies a proactive step forward for Fiji, aiming to capitalize on emerging markets while adhering to safety and regulatory standards. The ongoing collaborative efforts demonstrate a commitment to responsible industry growth that could offer numerous economic benefits and enhance public health options.
Overall, the positive outlook surrounding this initiative illustrates a thoughtful approach to balancing economic advancement with the promotion of public welfare, setting the stage for a beneficial outcome in the medicinal cannabis sector.
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