- Peel Group, a real estate firm led by 79-year-old billionaire John Whittaker, the company’s chairman and largest shareholder, wants to build a £100 million ($136 million) cannabis-growing facility on the Isle of Man, where it is headquartered.
- The proposed facility, located on the fringe of the capital Douglas, would be used to produce medicinal cannabis that would then be distributed around the world.
- The crop, not yet legal for recreational use in the U.K. or the Isle of Man, would be grown in several large warehouses that Peel Group would lease to tenants.
A vast marijuana farm could soon be built on a small island between the U.K. and Ireland.
Peel Group, a real estate firm led by 79-year-old billionaire John Whittaker, the company’s chairman and largest shareholder, wants to build a £100 million ($136 million) cannabis-growing facility on the Isle of Man, where it is headquartered.
The proposed facility, located on the fringe of the capital Douglas, would be used to produce medicinal cannabis that would then be distributed around the world and prescribed to patients. However, the self-governing nation is yet to legalize medicinal cannabis, meaning cannabis produced at the facility could not be prescribed for use on the Isle of Man.
Located in the middle of the Irish Sea, the Isle of Man’s economy is primarily based on finance, while tourism and agriculture are also key sectors.
Chris Eves, finance director at Peel Group, told CNBC Wednesday that cannabis could be a lucrative new industry for the island.
