Sri Lanka has granted approval to seven foreign investors to legally cultivate cannabis for export under a Board of Investment (BoI) project. 

Selected from 37 applicants, each investor holds a six-month temporary licence and must deposit $2 million with the Central Bank, with a minimum investment of $5 million.

The cannabis will be grown on 64 acres in Mirigama under strict regulations, including STF and police security, and must be used solely for pharmaceutical purposes. 

No part of the plant can enter the local market. The initiative is expected to boost foreign exchange earnings.