The government has granted approval to seven foreign investors to cultivate cannabis in Sri Lanka under stringent regulations, the Daily Mirror reports on its front page.
These seven investors were chosen from a total of 37 applicants. The cultivation will be strictly limited to export purposes and permitted solely for pharmaceutical production and related research activities.
As part of the conditions, each investor is required to deposit USD 2 million with the Central Bank, and the total value of each investment must exceed USD 5 million.
According to reports, a 64-acre plot of land in the Mirigama area has already been allocated for this initiative.
