Cyprus green lights cannabis for medical purposes

27 July 2017
1137 Views

The Cabinet approved a bill legalising the cultivation and commercial exploitation of medicinal cannabis in Cyprus during Wednesday’s Cabinet meeting.

The announcement was made by Health Minister George Pamboridis to reporters outside the Presidential Palace.

“The aim and purpose are to attract international investors to express interest in the two licenses that will be given for the cultivation of medical cannabis,” said Pamboridis.

The decision is also expected to attract international investments and investment in human resources in the field of research and the development of the pharmaceutical industry in Cyprus.

“I think this is an innovative bill,” said the Minister.

“I hope it will receive a welcoming reception by the Parliament and we will soon have the legal framework required to attract this important investment in the country,” he added.

Pamboridis explained that foreign investment in the field was necessary for the relevant know-how, expertise, science and funding was required to develop the particular industry, something which for now, Cyprus is lacking.

“It is also important as a development measure,” added Pamporidis.

Although some countries in Europe and further afield have already legalised medicinal cannabis, the Minister believes that Cyprus, due to the favourable climatic conditions on the island can be a pioneer in the field of medicinal cannabis.

Noting that the field of medicinal cannabis is relatively new and a ’novel’ sector, the government hopes to attract new business ventures and new researchers who will come to Cyprus to take advantage of the fact that the cultivation and commercial exploitation of medical cannabis is legal, “in order to engage in research projects that our country needs.”

Pamboridis did, however, point out that no preliminary investigations were conducted to determine whether there would be interest from foreign investors in medical cannabis research and cultivation on the island.

You may be interested

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations
GREECE
shares24 views
GREECE
shares24 views

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations

makis - Jul 23, 2021

Prime Minister Kyriakos Mitsotakis cited the Greek Constitution in response to those opposing mandatory Covid-19 vaccination during his meeting with…

Who Has Spent The Most Time In Space? (infographic)
WORLD
shares37 views
WORLD
shares37 views

Who Has Spent The Most Time In Space? (infographic)

Panos - Jul 22, 2021

As Russia celebrates 60 years since Yuri Gagain became the first person to orbit the Earth, the state of space travel looks…

What Do Americans Think Of Famous Billionaires? (infographic)
FINANCE
shares38 views
FINANCE
shares38 views

What Do Americans Think Of Famous Billionaires? (infographic)

Panos - Jul 22, 2021

Hot on the heels of fellow billionaire Richard Branson, Amazon founder Jeff Bezos is set to blast into space. He…

Leave a Comment

Your email address will not be published.