Economic benefits for Cyprus
According to the 4th edition of the European Cannabis Report produced by London-based advisory group ‘Prohibition Partners’, Jan 2019 – Europe’s medical cannabis market is estimated to be worth up to E123 billion by 2028 and is likely to become the world’s largest legal cannabis market over the next five years.
Cyprus is perfectly positioned to maximise this opportunity for reasons that have been well documented and strongly advocated over many years by local professionals from all disciplines and include though certainly not limited to the following:
- full EU member,
- a favourable tax regime and wide network of double tax treaties,
- excellent infrastructure and superb weather conditions,
- highly educated workforce,
- the great natural resources, and of course Cyprus’ strategic geographical location.
All the indications are that the Cypriot economy would enjoy a significant boost from the further production, distribution and exportation of hemp as well as medicinal cannabis when it is eventually grown here.
No doubt the country has a unique opportunity to establish a leading position within the cannabis industry, - one of the most important, intriguing and rapidly growing agricultural, medicinal and industrial markets that has emerged for decades. Cyprus has an unparalleled opportunity to:
- play a leading role in the development and expansion of this rapidly emerging industry,
- bring a new ‘cash-crop’ to Cyprus agriculture creating new jobs across the entire supply chain,
- derive additional tax incomes,
- provide important engineering and manufacturing facilities,
- establish a ‘cannabis innovation’ hub for Europe.
Cultivation and export of industrial cannabis (hemp) is permitted under 'The Production and Marketing of Industrial Hemp Law of 2016 [Ν.61(Ι)/2016]'.
The law regulates the production and marketing of whole plants or part of plants or seeds of the species Cannabis Sativa whose concentration in tetrahydrocannabinol (THC) does not exceed 0,2%.
Within the framework of legislation licenses for producers or/and suppliers of industrial hemp are issued according to defined terms and inter alia are obliged to inform the competent authority of:
(a) Any industrial hemp seeds they may have in their possession
(b) Their intention to cultivate industrial hemp
(c) The completion of sowing
(d) Their intention to harvest and completion of harvesting
(e) The quantity of industrial hemp produced.
Cyprus legalized the medical use of cannabis oil in January 2017 for use by advanced state cancer patients only. In February 2019 a more expansive law was passed called ‘The Drugs and Psychotropic Substances Laws of 1977 to 2019’