An Australian firm has been chosen to conduct a feasibility study for the Nutraceutical and Medicinal Cannabis sectors in Fiji. PharmOut, with support from the Australian Government and the Market Development Facility, will undertake this project.
This decision was announced during a recent Cabinet meeting, where members reviewed the Medicinal Cannabis Industry Feasibility Study Report. The study compiled by PharmOut delivers a detailed examination of the economic and market feasibility, along with a thorough due diligence process covering applicable laws, regulations, and case studies.
The report assesses not only operational and financial viability—considering logistics and regulatory frameworks—but also offers guidance on legislation while evaluating potential benefits and socio-economic impacts linked to the industry. Additionally, it addresses risk management concerning potential illicit use and reputational concerns.
Furthermore, the Cabinet has authorized the drafting of legislation concerning Medicinal Cannabis, which will be developed in collaboration with the Office of the Solicitor-General and the Ministry of Health and Medical Services.
This marks a significant step for Fiji, positioning the nation to explore the potential benefits of the medicinal cannabis market while ensuring due diligence and regulatory adherence. The collaboration with PharmOut reflects a commitment to responsible industry growth, which could ultimately enhance economic opportunities and improve community health outcomes in the region.
Leave a comment