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.
