Chief Minister hopes cannabis industry will display ‘longevity’
THE Chief Minister is still hoping to see “longevity” in the Island’s cannabis industry.
Deputy Lyndon Farnham was asked for his views on the status of the sector in the States Assembly yesterday.
While asking the question, Deputy Helen Miles referred to the “significant challenges faced by one of our cannabis producers”.
In response, Deputy Farnham, a former Economic Development Minister who said in 2021 that the industry could become a “mainstay” of Jersey’s economy, replied: “The industry is still young, on a global scale. It’s a very dynamic situation, with lots of developments in different countries.
“I hope the industry can continue to build foundations and that there’s a successful new industry sector with some longevity here.
“If it does work, notwithstanding the challenges it has faced, I do believe it can bring significant economic benefit for the Island.”
Deputy Miles – a former Home Affairs Minister – pressed him on whether the government had offered support to the industry.
He said: “It was made clear in the early stages that there would be no support, based on the potential for it being a very lucrative business.
“There were tax structures put in place to benefit the island financially.
“I’m not aware of any financial support being lined up for the industry, but there is an agricultural loan scheme and I presume they would be eligible for that.”
Figures from last June showed the Island’s medicinal cannabis industry had brought up to £60m of investment into Jersey since 2016.
Deputy Lyndon Farnham was asked for his views on the status of the sector in the States Assembly yesterday.
While asking the question, Deputy Helen Miles referred to the “significant challenges faced by one of our cannabis producers”.
In response, Deputy Farnham, a former Economic Development Minister who said in 2021 that the industry could become a “mainstay” of Jersey’s economy, replied: “The industry is still young, on a global scale. It’s a very dynamic situation, with lots of developments in different countries.
“I hope the industry can continue to build foundations and that there’s a successful new industry sector with some longevity here.
“If it does work, notwithstanding the challenges it has faced, I do believe it can bring significant economic benefit for the Island.”
Deputy Miles – a former Home Affairs Minister – pressed him on whether the government had offered support to the industry.
He said: “It was made clear in the early stages that there would be no support, based on the potential for it being a very lucrative business.
“There were tax structures put in place to benefit the island financially.
“I’m not aware of any financial support being lined up for the industry, but there is an agricultural loan scheme and I presume they would be eligible for that.”
Figures from last June showed the Island’s medicinal cannabis industry had brought up to £60m of investment into Jersey since 2016.