Medicanja gets US$15 million investment from US firm | Loop Jamaica

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Jamaica’s medical cannabis company Medicanja has received a US$15 million investment from the United States of US-based Noble Capital Fund.

The investment is expected to generate more than 200 agricultural jobs primarily in St Catherine and Westmoreland.

Minister of Investment, Industry and Commerce Audley Shaw is expecting US$10 million from Medicanja exports annually with this investment.

The announcement was made at a press conference at Jamaica Promotions Corporation (JAMPRO) last week.

The initial $15 million investment in Medicanja is part of an expected US$100 million that Noble Capital Fund will be pumping in several Jamaican entities within the next three years. Noble Capital Fund has already invested in several local companies since 2018.

“We are very excited about the opportunity Jamaica has, in general, moving forward, and we are looking for ways to bridge the gap in terms of making resources available so that the local community looks to tackle some of these opportunities,” Managing Director of Gbewonyo said.

Shaw stated that the government is working to correct the issues that the medical cannabis industry in Jamaica is currently facing, chief of which is US banking regulations.

“What is so pleasing about this investment is that even with the challenges in this sector, the investors are confident that they see a way forward,” Shaw said, noting that several medical byproducts can be harnessed from cannabis.

“We expect to see Jamaica’s cannabis products taking their rightful place on the shelves of health food stores and pharmacies in cosmopolitan countries. The Jamaican government is clear that medical cannabis is an industry that we want to see grow in Jamaica and the world,” Shaw said.

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August 24, 2021 09:45 AM

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