Govt cannabis investment plan gets interest from 30 investors

ECONOMYNEXT –A plan to cultivate and make and export value added products from cannabis has drawn 30 investors, State Minister for Investment Promotion, Dilum Amunugama said.

Sri Lanka has made a set of regulations for cannabis cultivation.

“We have got about 30 applications and they are being processed by a committee,” Minister Amunugama said.

” No one has come to the growing stage yet. But land allocation is being done.”

The committee is made up of officials that include representative of the Department of Ayurveda and the Board of Investment.

Canabidiol, (CBD or cannabis oil), is one of the primary products of the industry which is used in medicinal and other applications.

“CBD extraction or oil extraction will be the minimum value addition. If they want to go beyond that for whatever the final product is that, they can also do that, within the dedicated zones.

The projects will be located within the Mirigama and Kandy Stage II zones.

CBD companies grow cannabis is sophisticated greenhouses.

The firms have to deposit two million dollars withe Board of Investment.A levy will be charged on the export of products, Amunugama said.