Just miles off the coast of the UK, Britain’s crown dependencies smell opportunity in the air.

Typically known for their tax-friendly regulation and as an outpost for wealthy entrepreneurs, the Isle of Man, Jersey and Guernsey have all introduced new legislation allowing for easier investment in a new and emerging market – medicinal cannabis cultivation.

In January, the Isle of Man’s parliament approved plans to sell licences to grow and export cannabis for medicinal use. As a crown dependency, like both Guernsey and Jersey, it is self governing – meaning it does not need to wait for permission from the UK government.

Enterprise minister Laurence Skelly said new regulations on cannabis cultivation had been a “long time coming”. He’s hoping the island can steal a march on the UK.

“We want to make sure it [medicinal cannabis] is a high quality product so we’re at the top end of the market and we’re attracting the right…

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