The global Medical Marijuana industry is rapidly evolving and growing exponentially. The market is projected to grow from a nearly US $7 billion industry in 2016 to a US $22 billion dollar industry by 2021. Additionally, the global hemp market is expected to exceed $10 billion in revenue by 2019. In a bid for Jamaica to take advantage of development and gains in the industry, the Government has signed agreements with Canada, Australia, and New Zealand to allow for the purchase of hemp-based products from Jamaica and is issuing licenses for the cultivation, research and manufacture of hemp based products locally.
Despite the cultural and climatic advantages bestowed upon Jamaica, the expansion of the sector is yet to be maximised. However, the legislature and legal mechanisms are being put in place and companies are starting to invest and develop diverse products. Working through a local subsidiary, Caribbean Research & Development Limited (CRD) in Jamaica, United Cannabis has registered its aromatherapy roll-on, capsules, and sublingual drop products with the Ministry of Health.
Through the CRD, the Company can now legally cultivate, research, manufacture and distribute their CDB-based products in Jamaica and other countries which there are trade agreements in place. United Cannabis is currently establishing strategic relationships with companies and customers in those markets with the vision of establishing global distribution channels.
The Cannabis Licensing Authority (CLA) is the local licencing body and has received over 200 applications for licences since last year.
United Cannabis has earmarked US $2 million for investment into the sector locally. According to their website “The United Cannabis Corporation is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets”.
“This is the culmination of a four-year effort by the management of United Cannabis to create a relationship with a supportive government in the Caribbean in order to give patients in the area access to improved, alternative health choices, greater access to research, and to create jobs and tax revenues for the local community,” stated United Cannabis CEO, Earnest Blackmon in a recent press release.
Cannabis based products provide a substantive amount of end products with application in almost all areas of human life. Construction materials, medicinal products, therapeutic products, food products and much more have borne fruit in Cannabis research. Further investments can also be made in medical distribution products, such as the roll-on application as mentioned above.