Cannabis as a new economic direction in Cyprus

Cannabis as a new economic direction in Cyprus

In February 2019, the Cyprus Parliament voted to amend the 1977 Drugs and Psychotropic Substances Act. Thus, the new rules on drugs and psychotropic substances from 2019 came into force, which entered into force on March 6, 2019.

Luis Panayi, head of the pharmaceutical service of the Ministry of Health, said that the Cypriot economy will receive a significant boost from the production, distribution and export of medicinal marijuana grown in Cyprus.

The experts believe Cyprus can produce up to 230 million euros on medicinal cannabis a year. The export of marijuana may become significant as the market is not yet developed.

The new legal framework brings Cyprus to the forefront of research and development in the field of medical cannabis within the EU. This industry provides an excellent opportunity to attract additional investment in pharmaceutical research on the island.

New and existing medical cannabis businesses can generate income in Cyprus according to the following parameters:

• The licensing regime provides a key regulatory guarantee;
• Full EU membership and direct access to the EU Single Market;
• Favorable tax regime and a wide network of double taxation treaties;
• Excellent climatic conditions with long sunny periods;
• Opportunities for agricultural land;
• Highly educated workforce.

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