The Isle of Man hopes to grow and export medicinal cannabis as part of economic growth plans.
The crown dependency hopes to issue licences to as many as ten firms by 2025, according to the Guardian.
Tim Johnstone, the Isle of Man’s minister for enterprise said the government was “really looking to diversify our economy.”
Encouraging medicinal cannabis cultivation is one part of its plan to nearly double the island’s GDP and create up to 5,000 jobs.
Producers on the Isle of Man will face stiff competition to enter the UK markets, given two other crown dependencies, Jersey and Guernsey, already possess cultivation licenses.
Only specialist doctors can prescribe the plant-based drug in the UK, and all companies selling the products need to meet the requirements of the Medicines and Healthcare products Regulatory Agency.
Medicinal cannabis was legalised in the UK in 2018, following similar moves in Europe, Canada and several US states.
However, there is no sign that the government is eager to make recreational cannabis legal.