The Government of the Virgin Islands prepares to enter the medical marijuana business. In an effort to enter the market the government intends to train a minimum of 40 Farmers to cultivate a special strand of marijuana.
According to the Standing Finance Committee Report, released late last week, farmers will be permitted to set up businesses as part of the new medical marijuana enterprise in the BVI.
Premier and Minister of Finance, Hon Andrew A. Fahie indicated that a number of Canadian and American companies have made presentations about the anticipated medical marijuana sector. It was further revealed that research was conducted that indicates a specific strand of marijuana that can be grown in the Territory. Which is anticipated to be cultivated on approximately 40 acres of land in Paraquita Bay by local human resources.
Although the government is quite optimistic about the new venture, opposition members may beg to differ.
Leader of the Opposition and Representative for the 8th district, Hon. Marlon Penn during a press conference expressed to the media that the term Medical Marijuana sounds sexy but it is not profit. He listed a number of other jurisdictions that entered the industry and claims that they have yet to see major returns.
“The Premier stated that the Government will be doing a mixture of both. He said the Government will be selling to collect revenue and taxes. He explained that the farmers will be allowed to set up businesses and noted that when that happens, the Government will be involved with the sale of marijuana and the taxes.”
Projected breakdown of revenue will be as follows; Farmers – 5%, Retail – 20% and Taxes/Imports – 20% with the Premier promising more detailed information at the launch of the project.