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Sri Lanka has, for the first time, authorised seven overseas investors to cultivate cannabis legally under tightly regulated conditions, according to former Ayurveda Department Commissioner General Dr Dhammika Abeygunawardena, the Daily Mirror reports.
The initiative, classified as a Board of Investment (BoI) project, saw the selected firms chosen from a pool of 37 applicants. All have received legal clearance and been issued six-month temporary licences for an initial trial period, which could be extended depending on performance assessments.
Each investor is required to lodge a bond of $2mn with the Central Bank as security, while the minimum capital commitment for entry stands at $5mn. Cultivation is permitted solely for export, with strict assurances that the crop will be used only for pharmaceutical production and testing.
The BoI has allocated 64 acres in the Mirigama region for the project. Regulations demand that no part of the plant — whether seeds, leaves or roots — may enter the domestic environment. Sites must be enclosed by secure fencing and guarded by police and Special Task Force units.
Oversight will be shared by the BoI, the Ministries of Public Security and Environment, and the Department of Ayurveda. Dr Abeygunawardena noted the government expects the venture to generate significant foreign currency inflows.
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