Ireland to Launch Its First Medical Cannabis Farm in 2024
In 2024, Growth Industries Pharma plans to open Ireland’s first farm dedicated to cultivating medical cannabis for pharmaceutical production.
Medical Cannabis Growers Aim for Import Substitution
The cannabis farm will be located in a former fireworks factory in the suburbs of Belfast. Peter Reynolds, Public Relations Director at Growth Industries Pharma, noted that the site was chosen for its high level of security. The facility, which previously stored up to 500 tons of explosives, is fully sealed, and the air is filtered through carbon filters. While the building is in a rural area, there are several farms nearby.
Background: Medical Cannabis Legalization in Ireland
Medical cannabis was legalized in Ireland in 2017, a year before the United Kingdom. However, due to the lack of local cannabis growers, cannabinoid-based medicines have to be imported from the Netherlands. As a result, the Irish cannabis market is entirely dependent on foreign supplies. Growth Industries Pharma aims to change this and make cannabis more accessible to patients in Ireland.
Starting a Cannabis Business Requires Major Investment
According to current regulations, Growth Industries Pharma can only apply for a license to grow medical cannabis after the farm is fully prepared for operation. Company representatives hope to receive approval within four months of completing the factory renovation and plan to plant cannabis next year. After harvesting the first crop, the company will need to submit product samples to the Health Products Regulatory Authority for quality assessment.
Reynolds shared details about the startup: “We’ve been working on this project for two years and have completed half the work needed to convert the fireworks factory into a fully climate-controlled cannabis facility. Before obtaining licenses, you have to do all the work and spend a lot of money. We’ll need to secure several licenses, including from the Health Products Regulatory Authority and the Home Office, which will inspect our security systems.”
Market Size and Prospects
In the UK, about 30,000 patients are legally treated with cannabis. The number of Irish patients with cannabis prescriptions is unknown, but Peter claims that Ireland has the highest percentage of cannabinoid medicine users. The UK has a population of 67.3 million, while Ireland has 5 million. This suggests that Ireland accounts for no more than a third of the patients registered in the cannabis access program. Accordingly, Growth Industries Pharma’s client base is unlikely to exceed 10,000. Given the relatively small number of potential customers, the farm’s cannabis cultivation volume is expected to be low.