An Australian firm, PharmOut, has been chosen to conduct a feasibility study for the Nutraceutical and Medicinal Cannabis Industries in Fiji, supported by the Australian Government and the Market Development Facility. This significant development was disclosed during a Cabinet meeting where the feasibility study report for the medicinal cannabis sector was evaluated.
PharmOut’s study has delivered an extensive analysis on the economic and market viability of medicinal cannabis in Fiji, addressing essential aspects such as applicable laws and regulations through various case studies. The report offers insights into operational and financial viability, covering logistics, the legislative environment, investment scenarios, and the assessment of potential socio-economic benefits and impacts.
Additionally, the report includes a thorough risk assessment that addresses concerns about illicit use and reputational risks associated with the industry. Following the presentation of this report, the Cabinet also sanctioned the drafting of the new Medicinal Cannabis legislation, 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 positive stride for Fiji as it explores the potential profitability and benefits of the medicinal cannabis industry, potentially creating new economic opportunities and advancements in health and wellness for the nation. The collaboration with experienced firms and the backing of the Australian Government highlights a commitment to a thorough and responsible approach in paving the way for this emerging industry.
Overall, the findings suggest a promising future where the medicinal cannabis sector can flourish, benefiting both the economy and the community.
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