Opportunity to cultivate cannabis for export markets.
The opportunity to cultivate cannabis aiming to harness its export potential for this versatile plant is open in Sri Lanka. The Government of Sri Lanka (GoSL) is embarking on a groundbreaking pilot project to cultivate cannabis aiming to optimize its export potential. At present an Expert Committee has been appointed to investigate the potential for the exclusive production of Triloka Vijaya Patra also known as Cannabis for export purposes. The project involves collaboration between the Department of Ayurveda and the Board of Investment of Sri Lanka (BOI), with a focus on promoting sustainable cultivation, processing, and global trade of Triloka Vijaya Patra. The global hemp-based products market is experiencing exponential growth due to hemp’s versatility across textiles, construction, and health industries. Its eco-friendly nature and adaptability drive demand, particularly in reducing reliance on environmentally harmful materials like cotton in textiles. Additionally, the popularity of hemp-based foods and wellness products is rising, attributed to perceived health benefits and sustainability. This underscores hemp’s pivotal role in fostering eco-conscious practices globally. The Department of Ayurveda is tasked with providing essential technical guidelines for the cultivation of Triloka Vijaya Patra and the development of its products.
The following actions are proposed: Offer technical guidance in compliance with existing laws to facilitate the cultivation. Develop a framework for the cultivation and processing of Triloka Vijaya Patra products under existing legal provisions. Establish a regulatory framework to govern the production and export of Triloka Vijaya Patra, ensuring adherence to quality standards and regulatory compliance. The Board of Investment of Sri Lanka plays a pivotal role in conducting commercial feasibility studies and facilitating the export process. The Expression of Interest (EOI) is initially referred to the Committee of Officials for Evaluation of Medicinal Plants (COEMP) by the Department of Ayurveda. The recommended EOIs are then evaluated by a properly appointed Technical Evaluation. The minimum investment required for the project is ten million United States Dollars (10MN USD), to be fulfilled within a 24-month period.
The investor must provide evidence of fulfilling this investment within the specified timeframe. The investment must be made in the form FDIs. No loans or grants from local financial institutions are permitted. Investors are prohibited from pledging or mortgaging the land allocated for the project as collateral for credit facilities from any form of local financial organization. Sole proprietorships, partnerships, companies, joint ventures, or any legal entity are eligible to submit an Expression of Interest (EOI). The hemp industry has experienced significant growth in recent years, driven by increased awareness of the plant’s diverse applications and changing regulatory environments. This is a unique business opportunity as this industry has grown tremendously over the past few years, and poised for further growth as it presents many other opportunities within the industry. The cultivation of cannabis has emerged as a financially lucrative endeavor, driven by the plant’s versatile applications and increasing demand in various industries. Seize this exclusive opportunity to be part of this growing industry. Don’t miss out on this chance to enter a profitable and sustainable business. Explore exceptional investment opportunities in Sri Lanka with our Consultancy & Business Advisory services which facilitates opportunities for investors big and small who wish to explore lucrative business in Sri Lanka. Our business options and expertise will guide you on the right path. Contact us today to learn more and secure a feasible investment opportunity in Sri Lanka.
| LOCATION : | Sri Lanka |
| SECTOR : | Export sector |
| PROJECT VALUE : | NA |
| RETURN ON INVESTMENT : | Contact OSL |
| INTERNAL RATE OF RETURN : | Contact OSL |
| OPPORTUNITY CODE : | VBS/OP/10042024/X_1 |