Jamaica cannabis industry gets US $15m boost

Jamaican company Medicanja has received a major boost with an investment of US $15 million from major US investor Noble Capital Fund and leading international management consultant Dr. Trevor Hamilton. Minister of Industry, Investment and Commerce Audley Shaw said this is part of a US $100 million investment the fund will make in Jamaican projects over the next three years.

Speaking at a media briefing on Tuesday, October 26th, Industry, Investment, and Commerce Minister Audley Shaw said this will enable Jamaica to access the global nutraceuticals market, which was valued at US $417.66 billion in 2020 and is expected to grow at 8.9% from 2020-2028.

“The US $15 million in Medicanja will create over 200 jobs in the short term and will deliver over US $10 million in annual exports. This level of export sales will certainly help to alleviate our trade imbalance, and we certainly welcome any investment that will deliver this kind of export revenue to the economy any day of the week. The growing demand for dietary supplements and functional foods is expected to be a key driving factor for the global market over the forecast period.”

Founded in 2013 by Dr. Henry Lowe, Medicanja is Jamaica’s first registered cannabis company and has ten patents pending with the Jamaica Intellectual Property Office and 12 pharmaceutical products approved by the Jamaican Health Ministry.

Read more at newsday.co.tt

Publication date:

Receive the daily newsletter in your email for free | Click here

Other news in this sector:

Twitter Rss

© MMJDaily.com 2021

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber