An Australian company, PharmOut, has been chosen to lead a feasibility study for the Nutraceutical and Medicinal Cannabis industries in Fiji, with backing from the Australian Government and the Market Development Facility. This decision was made public during a recent Cabinet meeting that reviewed the Medicinal Cannabis Industry Feasibility Study Report.
PharmOut’s comprehensive study evaluates the economic and market feasibility as well as due diligence on pertinent laws, regulations, and case studies surrounding the medicinal cannabis sector. It covers crucial aspects such as operational and financial viability, logistics, investment climate, legislative guidance, and an assessment of potential benefits and socio-economic impacts.
In addition to these considerations, the report addresses potential risks associated with illicit usage and the reputational risks the industry may face. Following this, the Cabinet has approved the drafting of legislation pertaining to Medicinal Cannabis, which will involve collaboration with the Office of the Solicitor-General and the Ministry of Health and Medical Services.
This initiative marks a significant step towards the regulatory framework for the medicinal cannabis industry in Fiji, offering potential economic benefits and improved healthcare solutions. With careful planning and implementation, it could lead to positive developments in both the economy and public health sectors.
Summary: PharmOut has been selected to conduct a feasibility study on Nutraceutical and Medicinal Cannabis industries in Fiji, with government support. This study will provide crucial insights into the economic viability and regulatory framework for the emerging market, reflecting a promising future for both the industry and the country’s economy.
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