1. ITV Report

Growing medicinal cannabis could be Jersey's big new money-maker

The government is investigating the benefits of medicinal cannabis as part of a 20-year plan to ensure the growth of the economy. Credit: ITV Channel TV

Growing medicinal cannabis could be Jersey's big new money-maker.

The government is investigating the benefits as part of a 20 year plan to ensure the continued growth of the economy.

While it says finance remains the dominant sector, accounting for 40% of the money made in the island, it is vital to explore a range of opportunities.

We must always make sure we nurture the key areas of our economy, for example financial and business services, tourism and agriculture, retail and general commerce but then there's some exciting things happening in agriculture. For example we're exploring opportunities to be a world class producer of medicinal cannabis and that is something that could yield significant benefit to the economy going forward.

– Senator Lyndon Farnham, Economic Development Minister

The announcement follows a Jersey delegation's visit to Jordan for the World Economic Forum where existing ties with the Middle East and Africa were strengthened.

Efforts to consider the changing nature of the economy are being welcomed by Jersey's Chamber of Commerce.

I think we've got to look short, medium and long term. I think nothing's guaranteed in this world. We have a thriving financial services sector which is great, but some of our other economies have more challenges. Agriculture has got a real challenge at the moment. Retail, although it's busy on King Street here, it's having challenges in terms of recruiting the right people and in terms of online and what that's doing to the economy.

– Elliot Lincoln, Jersey Chamber of Commerce President

Earlier this year Guernsey announced plans to develop its medicinal cannabis-growing industry, with the licensing of the first site to produce the crops.

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