Page 30 - Islands Business March 2024

Agriculture

PACIFIC ISLANDS EYE

MEDICINAL CANNABIS CULTIVATION

BUT SOCIAL CONCERNS REMAIN

By Prerna Priyanka cannabis-derived medications.
Leading the charge is Vanuatu, which has made history as
Pacific governments are grappling with balancing the the first country in the Pacific region to legalise medicinal
potential economic benefits of legalising medicinal cannabis marijuana, granting licences to two foreign businesses to
cultivation with social concerns, as they eye the potentially cultivate and produce the plant for export.
lucrative new cash crop. The Vanuatu Daily Post reports that the Vanuatu
While some governments are enacting legislation to attract government has awarded eight medical cannabis and
international investors in an attempt to gain a piece of the industrial hemp business licenses. Under the Medical Cannabis
multi-billion-dollar global cannabis, opponents cite religious and Industrial Hemp Act, licence holders are required to pay
considerations, health implications and social concerns an annual fee of US$100,000 for a period of 10 years.
as stakeholders navigate a complex landscape shaped by These businesses include Canvanu Oils Limited, Canavanu
international investment and global market demand. Agri Limited, Lima Group Limited, Campos Holdings Limited,
Pacific Island countries are seen as promising locations Tafea Industry Limited, Freedom Cooperation and Osim
by commercial-scale producers because of their favourable International Limited.
climate and soil conditions, and the growing demand for Meanwhile in the Cook Islands, the results from a non-

30 Islands Business, March 2024