New Bermuda Law Attempts to Attract Medical Cannabis Industry

The growing legalized marijuana industry is promising to be extremely competitive when it comes to attracting businesses and startups.

That’s a boom for entrepreneurs and the island of Bermuda wants to make itself the top destination for cannabis innovation, research, and entrepreneurship.

To that end, the island nation has recently implemented what could be considered among the world’s friendliest legislation packages which would not only ease the establishment of a business related to marijuana in Bermuda but also should serve as a beacon for capital and investment for the country.

The new legislation is being touted by Bermuda’s Attorney General Kathy Simmons who has highlighted both the benefits to the country as well as the broader economy.

Noting that the market for marijuana production and research is likely to become even more competitive soon, Simmons hopes this legislation can get Bermuda into the market with a first-mover advantage.

Approval of the Medicinal Cannabis Bill would go a long way towards realizing this goal, she reiterated.

Along with the approval of the proposed legislation, the concomitant establishment of a regulatory regime in the form of Medicinal Cannabis Licensing Regulations also promises to put Bermuda at the forefront of legislative innovation with regards to cannabis in Bermuda.

Simmons said of the legislation, “This government is not only expecting to attract international investment under this new scheme, it is designed so that entry into the marketplace is also accessible to local enterprises and startups and that the proposed legislation will, “set up the legislative framework to build a viable domestic medicinal cannabis industry in Bermuda. Private enterprise and free-market forces will determine, over time, the size and economic benefits of such an industry.”

The regulation of cannabis in Bermuda would be an end-to-end process which means that the country’s government would take an active part in the development of the legalized cannabis industry at every stage of production and distribution.

This insures that, not only do companies operate above board, but also that any negative concerns associated with the legislation are mitigated and controlled.

Some advocates for total freedom to use cannabis in Bermuda note that the legislation is quite restrictive and doesn’t necessarily spur the type of innovations that come in a deregulated environment.

Nonetheless, given the concerns posed by legalization, a robust regulatory regime is thought to be a necessary evil.

“Accessibility to small- and medium-sized enterprises is a priority, as to align with this government’s mandate to spark entrepreneurship for economic empowerment,” Simmons said. Currently, 7 grams of marijuana is legal for possession and personal use in Bermuda.

This legislation would only make available a conduit for the purchase of medicinal marijuana for ostensibly medicinal rather than recreational use.

Licensed growers also give the state considerable authority on how much is produced, where, and even what specific strains are put into production.

Naturally, this level of control is normal in pharmaceuticals and thus isn’t out of the ordinary for marijuana slated for medical use.

Original News Story: https://mjbizdaily.com/bermuda-releases-draft-medical-marijuana-law-and-regulations-to-spark-entrepreneurship/

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