According to the law, licenses will be given to three producers during the first 15 years, as the authorities aim to attract firms with an international track record and prevent the product ending up on the black market.

Medicinal cannabis will be allowed on prescription to patients suffering from chronic painful conditions, including those associated with cancer, HIV, rheumatism and glaucoma.

Officials have estimated that Cyprus could see medicinal cannabis worth 180 million euros ($200 million) being produced every year, offering a boost for state coffers.

While stakeholders generally recognise the real need some patients have for medical cannabis, a number of concerns need to be overcome before legislation on its cultivation on the island, export and use is passed in Cyprus.

The House Health Committee discussed the issue on Thursday with Health Minister George Pamboridis, who has been advocating Cyprus as the ideal place for the cultivation of medical cannabis for domestic use and export, asking stakeholders “to consider the matter as if it were a development work”.

As well as noting the project’s potential benefits for the local economy, he also stressed the benefits of medical cannabis “for patients who have no other choice and are suffering”.

The Cabinet approved a bill legalising the cultivation and commercial exploitation of medicinal cannabis in Cyprus during Wednesday’s Cabinet meeting.

The announcement was made by Health Minister George Pamboridis to reporters outside the Presidential Palace.

“The aim and purpose are to attract international investors to express interest in the two licenses that will be given for the cultivation of medical cannabis,” said Pamboridis.

The decision is also expected to attract international investments and investment in human resources in the field of research and the development of the pharmaceutical industry in Cyprus.

“I think this is an innovative bill,” said the Minister.

Tight restrictions in the government’s revolutionary proposal to legalise the import and use of medical cannabis have left those supporting sweeping deregulation with a bittersweet feeling, according to biologist and Friends of Cannabis group co-founder Petros Evdokas.

Patients and activists have long fought for the legalisation of medical cannabis, but, despite mounting evidence pointing to its benefits in both pain relief and the treatment of specific conditions, have always stumbled on strong resistance by mainstream attitudes. According to Health Minister Giorgos Pamboridis, the main problem has been a “widespread, albeit false, notion that it somehow helps legitimise the use of recreational cannabis”.

Tilray, a global leader in medical cannabis research and production, today announced that Tilray cannabinoid products have arrived and are cleared for distribution in European Union member state Cyprus after the company received necessary approvals in Canada and Cyprus to export cannabinoid formulations for patients in Cyprus.

“We are proud to be able to offer patients access to high-quality, pharmaceutical-grade medical cannabis products in Cyprus,” said Brendan Kennedy, Tilray President.

Cancer patients in advanced stages will finally get a chance to relieve their pain, following confirmation from the Health Ministry that medical cannabis will be given to those who applied and got approved for the hash oil.

Health Minister George Pamboridis told the media that the cannabis oil will be given for free only to cancer patients who have been approved by the health ministry.

According to the minister, who is currently the only authority who can administer medical cannabis, approved patients were those who are in the final stage of the disease, in other words, those with cases where other treatments have failed and the patient’s condition is irreversible.