The production and exportation of hemp and cannabis products could become legal on the Isle of Man under proposed changes to legislation.
The Department for Enterprise is seeking public opinion on a suggested update to the Misuse of Drugs Act 1976.
Lawrie Hooper MHK said the new rules could develop a “sustainable new sector with economic benefits”.
The government estimates regulated production could bring in up to £3m per year for the Manx exchequer.
The cultivation, importation, exportation, sale and consumption of cannabis is currently prohibited.
The proposed changes would allow businesses and investors to apply for a licence to be allowed to grow the plant, produce products derived from it and use it in research.
However, it would not pave the way for the legal recreational use of cannabis or medicinal use, despite a 2019 consultation showing 95% of respondents were in favour of growing the plant for medical purposes.
Licences could cost between £1,500 and £35,000 per year depending on the type.
Giles Day, of the Isle of Man Cannabis Action Network, said the proposals were a “positive step in the right direction”.
But he said the proposals did not “serve the people of the Isle of Man”, and would rather allow “a few people to get rich”.
The plan did not “address the most pressing need” of providing access for medicinal use, he added.
Mr Hooper said there was “a real opportunity” for the island “to start competing with other businesses on a global stage” in the industry.
The consultation will close on 19 November.