Nova Scotia is lifting two long-standing moratoriums on new seafood buyer and processor licences starting Aug. 1.

Fisheries Minister Kent Smith says the province is ending the moratorium on groundfish that was imposed in 1994, and the moratorium from 2018 on licences for all other seafood.

Smith says opening the seafood sector to new entrants will help drive the province's economy as processors look to diversify their markets.

The province will begin accepting applications for buyer and processor …