“Canadian Licensed Producers (LP) of cannabis are leaving Jamaica in droves, due in part to stalled governmental decisions on export licenses”. This assertion leads the article that spurred a flurry of exercise at Jamaica’s Cannabis Licensing Authority’s (CLA) headquarters in Kingston, Jamaica, final week. The CLA is Jamaica’s hashish licensing company, tasked with issuing licenses for the authorized cultivation and commerce in hashish and hashish merchandise and guaranteeing regulatory compliance on the island. Since its inception in 2015, the CLA has issued 55 licenses permitting for the rising, processing, researching and distribution of hashish and hemp merchandise.
While the CLA points pointers and is actively concerned within the regulatory course of on the advisory and implementation degree, they aren’t liable for the passage of legal guidelines. The article states, “frustrated with the lack of action on the part of the Jamaican Government and its regulatory arm, the Cannabis Licensing Authority, it appears as if the Canadian cannabis companies are cutting their losses and heading home”.
The CLA responded in a Press Release, which learn, “While the Authority cannot speak to nor does it have control over the internal business decisions of a licensee, license holders are not hindered in their ability to export product from Jamaica due to the non-passage of import/export legislation”. The CLA has been praised by leaders within the business together with Bruce Linton, founder and former CEO of Canopy Growth Corporation, one of many hashish business’s largest publicly traded corporations. “I think the regulatory framework I see in Jamaica is in the top two in the world. Straight up!” Linton remarked throughout CanEx Jamaica 2019, the area’s largest worldwide B2B hashish convention and expo held on the Montego Bay Convention Centre in Montego Bay, Jamaica. Linton added, “If you want to win against the illicit market you have to have branding; you have to have control so you don’t have unlicensed brands. So I am very impressed and frankly, CLA is pretty successful.” Canopy Corporation model, Tweed, at the moment has investments in Jamaica, by means of Tweed Jamaica Ltd.
While the business has seen the departure of main Canadian gamers, the transfer could also be much more strategic than one in all dismay on the tempo of motion by the CLA or the Jamaican Government. The article factors out, “Aphria (TSE: APHA), is “halting all further investments in Latin America and the Caribbean.” This is consistent with Aphria’s present restructuring which we’re seeing all through the business. Aphria nonetheless maintains a big place in a Jamaican firm. According to their present Jamaican companions, Marigold Jamaica Limited, who function two dispensary areas in Kingston and Negril, beneath the Sensi Medical Cannabis House model. General Manager, Leana Tomlinson mentioned in response to the assertions made, “the article is wrong, being in the industry, I don’t find that to be true, they made it sound like if Jamaica’s cannabis industry was on a steady decline. I’m like, no. It’s not”.
In additional protection of the CLA, Aurora Cannabis’ Jamaican accomplice, Alexandra Chong, printed an article on Medium.com, the article reads, “I am the CEO and Founder of Jacana, a leading cannabis company thriving in Jamaica. Quite [to] the contrary to a recent Forbes article … which presents an inaccurate picture of the reality on the ground, Jamaica is emerging as a global cannabis pioneer. Most alarmingly, the article mischaracterizes the real reasons some Canadian companies retreated from their international ambitions”.
She continues, “In February, Aurora announced a transformation plan aimed at reducing operating costs, rationalizing capital expenditures and focusing on EBITDA profitability. The sale of the property in Jamaica was directly related to the company’s reset plan”.