Investors in the Jamaican cannabis community are nearing finalization of trade and export rules for medical cannabis on the island.
In 2018, Canadian cannabis producer Aphria Inc. acquired a Jamaican cultivator, anticipating a large increase in business in the near future. With little explanation, the company announced in May 2020 that it would be “halting all further investments in Latin America and the Caribbean.” Likewise, The Green Organic Dutchman decided to leave Jamaica behind in order to focus on Canadian opportunities, as well as deal with issues that arose due to the height of the pandemic.
However, the companies that remained are poised to experience the “gold rush” that will follow the new export agreements. One of the companies that has stuck around since the beginning is Massive Therapeutics. With ties to the community, Massive Therapeutics also has a hand in making Jamaican cannabis legalization a reality. It has continued to grow, considering the fact that a Jamaican cannabis producer can save as much as 80 percent by having their operations in Jamaica instead of operating in a more expensive country.
Considering cannabis was one of the only markets that continued to grow and thrive during COVID-19, shortages are now a very real problem in many areas. Deemed a “cultural embarrassment” by Triston Thompson, chief opportunity explorer for a local consulting and brokerage firm, cannabis cultivators lost plants to a hurricane in 2020, as well as a drought that came shortly after.It is expected that Jamaican investors will conclude details of the country’s cannabis exports by the middle of this year, which will hopefully help realign Jamaica with its cannabis heritage and identity. According to Massive Therapeutics, “In 2021, Jamaica will pass regulations to export legal cannabis to over 30 countries worldwide, becoming a world leader in cannabis production.” Jamaica is expected to step up to become a key player in the world of cannabis exports very soon.
