The Sri Lankan government has approved seven foreign investors to legally cultivate cannabis in the country, Commissioner General of Ayurveda Dr. Dhammika Abeygunawardena told the Lankadeepa newspaper.
According to Dr. Abeygunawardena, the projects will be carried out under the Board of Investment (BOI) framework. The seven investors were selected from a pool of 37 applications. Each will receive a six-month temporary permit and must deposit a US$2 million bond.
In addition, the investors are required to make a minimum investment of US$5 million for their ventures. All cannabis plants for cultivation must be imported, and strict security measures will be implemented to prevent the product from being smuggled into local markets. The Police Special Task Force will be deployed to oversee security and compliance.The have earmarked 64 acres land in Mirigama for the project.
Dr. Abeygunawardena emphasised that these projects will operate under high-level monitoring to ensure they remain strictly within legal and medicinal frameworks.
