Bermuda set to open door to medical cannabis investments

Bermuda plans to allow medical marijuana production and is inviting international companies to partner with local entrepreneurs to participate, according to recent statements by Premier David Burt.

The government has tapped one of the biggest medical cannabis companies in the world to help it prepare regulations to guide the new industry.

“We’re participating in Bermuda by providing industry insight to officials while we evaluate the market ourselves and how we could fit into it,” Jordan Sinclair, vice president of communications of Ontario-based Canopy Growth, told Marijuana Business Daily.

Bermuda’s premier and members of his Cabinet recently met with Canopy CEO Bruce Linton.

After the meeting, Burt’s office tweeted:

“Welcomed the CEO of Canopy Growth to the Cabinet Office following the announcement that Bermuda will establish a regime for domestic production of medicinal cannabis. We invite companies like Canopy to invest in local entrepreneurs to create more jobs and partnerships in Bermuda.”

The premier pledged to legalize medical cannabis cultivation “within months” and issue the first licenses to private companies as early as next year.

“In line with the pledge made in our platform, the government will begin issuing licenses for domestic medicinal cannabis production,” Burt said at a party conference.

Doctors in Bermuda can already prescribe medical cannabis for a variety of ailments. However, the country has no domestic supply and has not tried to raise its International Narcotics Control Board import quota from the current 1 gram.

That means local patients have no legal channel through which to access medical cannabis products.

Other Caribbean nations have legalized medical cannabis use in recent years – or announced plans to.

Antigua and Barbuda is drafting legislation to legalize recreational and medical marijuana sales.

Jamaica passed the “Ganja Law” in 2015, which legalized possession of cannabis for medical or therapeutic purposes and made possession of 2 ounces or less a ticketable offense.

Neighboring Cayman Islands approved medical cannabis imports and sales in 2016.

Matt Lamers can be reached at [email protected]

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