A New Zealand-based medicinal cannabis company has entered into a three-year partnership with the Ministry of Trade, bringing a possible investment of about $65million within the next three to five years.
Prime Minister Sitiveni Rabuka said in a statement that the Cabinet has approved the policy framework to establish the medicinal cannabis industry in Fiji.
He said the Market Development Facility (MDF) would fund the feasibility study for the industry.
“In addition, the Ministry of Trade will enter into a three-year MOU with Aether Pacific Pharmaceuticals Ltd trading as Medical Kiwi, to establish a framework for cooperation and collaboration between Medical Kiwi and the Government for the development of medicinal cannabis in Fiji,” he said.
“Medical Kiwi is a registered company in New Zealand. It is a market leader in New Zealand in the cultivation and export of medicinal cannabis and cannabidiol to export markets using innovative science and technology.”
Medical Kiwi intends to build an extraction and manufacturing facility in Fiji.
“The facility is aimed to eventually obtain the Good Manufacturing Practices certification for the nutraceutical and pharmaceutical markets.
“When the medical cannabis industry is established by law and policy in Fiji for cultivation and export, Medical Kiwi would still be required to apply for the appropriate licence and adhere to the rules and regulations stipulated.
“Medical Kiwi endeavours to invest a minimum of $65m within three to five years, subject to the extent permissible by law.”
Cabinet was updated on the progress made through a taskforce mandated to oversee the feasibility of this industry and assess the laws required for this emerging market.
Mr Rabuka added the taskforce had carried out media engagements, public and community consultations and private sector engagements, as well as 17 nationwide and community consultations, from October 9 to November 28 last year. A total of 513 participants engaged in discussions.
