Insider Business Medical cannabis: call for expression of interest process stalls

Medical cannabis: call for expression of interest process stalls

A much-awaited Health Ministry call for  expression of interest in cultivating and producing medical cannabis in Cyprus appears to have stalled, according to informed sources.

One told Phileleftheros that both the Auditor General’s Office and the Treasury believe state revenue will be too low and have called on the Ministry to review the relevant fees.

Both believe that even though private companies will be making millions every year the state can expect estimated revenue of just around €30,000.

As things stand today, obtaining a cannabis production licence amounts to €500,000 while its annual renewal is  €30,000.

The Treasury was the first to underline that, based on a techno-economic study drafted before the bill was approved, profit margins of selected bidders would be huge, estimated at tens of millions annually. Thus, the set fee of €30,000 is insufficient.

Both state institutions requested a re-examination of the matter before the tender is called so that fees are revised. And both have proposed the amendment of state regulations so that revenue is calculated as a percentage of corporate income. The Audit Office also proposed a public consultation on preliminary draft criteria.

After the competition is announced officially, stakeholders will have no more than three months to submit applications and all procedures required by law will immediately follow. The whole process is expected to be completed by end of the first half of 2020.

Insiders also said that interest by investors is huge and informally expressed by medical cannabis growers active in the US, Canada, Russia, Israel and other countries.

Investing in pharmaceutical cannabis is not at all simple, with safety protocols included being exceptionally strict, one also said.

And gave as an example the recently-approved bill’s provision that an applicant must have at least five years of practical experience in the cultivation and production of cannabis.

Read more:

https://in-cyprus.com/call-for-expression-of-interest-in-cultivating-medical-cannabis/

Top Stories

127 new cases of COVID-19 on Wednesday

The Health Ministry announced 127 new COVID-19 cases on 21 October, out of 3,309 laboratory tests, taking confirmed infections to 2, 966. The break-down of...

Non-reversible damage to the sight of five patients operated for cataract

The damage to the sight of five out of the eight patients who were operated for cataract and presented serious complications due to infection...

Committee to prepare list of animals for pet shops; reactions

For the first time in Cyprus a list will be prepared with the animals that can be sold in pet shops, however, the issue...

Medical Association on Cyprus’ epidemiological situation

The Cyprus Medical Association is once again asking the public and businesses to make sure not to violate any protocols and to dutifully respect...

15-year-old missing since 20 October (PHOTO)

Police are looking for 15-year-old Antzel Ioannou, who has been reported missing from her place of residence in Nicosia since yesterday, 20 October. Ioannou is...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...