Alderney may be best known for its dark past as the site of Britain's only Nazi concentration camp.

But the diminutive Channel Island's people are trying to shake off their chilling past.

The island's parliament is due this week to debate whether to legalise cannabis, reports the Sunday Times.

By Wednesday the British Crown Dependency could be well on its way to becoming the UK's Amsterdam-on-sea.

Alderney, which spans just three square miles, will debate whether to legalise cannabis on the island

Locals hope that, if passed, the motion could reinvigorate the island's stagnating economy.

And just 10 miles of the French coast, its balmy climate makes it the perfect location for cultivating the illicit plant.

On Wednesday Alderney state members, elected by the island's people, will debate on matters relating to the 'production, consumption, licensing and criminalisation' of the drug.

The proposal to be considered states: 'There is demand by producers for secure property on which to cultivate and process crops.

'The growing and processing of such plants on Alderney and under licence has been suggested.'

The proposal suggests two plans of action. First, all penalties for possessing or dealing cannabis could be scrapped.

Investors from Amsterdam and California are reportedly courting the island's politicians. Pictured: Cannabis plants inside a flowering room at Harvest One Cannabis Inc. in Canada

The alternative suggest the island rebrand itself as an international centre for the production of medical cannabis.

Andrew Eggleston, chairman of Alderney chamber of commerce, said the debate was a historic opportunity, adding: 'We look on any commercial opportunity positively if it is legal and beneficial to Alderney through taxes or jobs.'

It has also been revealed that international investors are courting Alderney politicians and business people.

Producers with links to California and Amsterdam have held secret meetings with influential figures on the island, and have even suggested a potential production site.

Berry's Quarry, a disused pit complete with a greenhouse space, has been tapped as a possible location.

The change may also alleviate the Channel Islands' laboured prison system, in which a third of prisoners are serving time for drug offences.

A company named Green Guernsey has also been registered on the sister island, where a potential headquarters could be set up.

However, any changes to island law must be signed off by Guernsey's civil service and the UK's privy council.