Canadian cannabis companies withdraw from Jamaican market

Canadian cannabis companies withdraw from Jamaican market

Sunday, May 31, 2020

Print this page Email A Friend!


KINGSTON, Jamaica — Several Canadian companies, which are licensed producers of cannabis, are leaving the Jamaican market due to stalled governmental decisions on export licenses.

Forbes magazine reported yesterday that even if the Jamaican government were to expedite the issuance of export licenses, the global market is extremely limited and the slight amount of export was only permitted for medical research and development which does not add up to any genuine marketable or profitable volume.

According to the report, a former employee of Aphria told the magazine that Aphria is "halting all further investments in Latin America and the Caribbean”.

The magazine said approximately 200 former Aphria employees were laid off in an effort by the company to downsize and restructure.

In addition, Aurora, a Canadian-listed cannabis company, has sold its Jamaican asset for less than its CDN$4.5 million in order to gain capital, the magazine reported.

“The company also accepted an offer to sell its Jamaica property for gross proceeds of CDN$3.4 million,” an Aurora market filing noted.

The magazine added that Canadian cannabis producer the Green Organic Dutchman is also no longer pursuing opportunities in Jamaica.


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaperlive


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT