American businessman, Chase Ergen and Greek billionaire, Alki David, have formed a consortium aimed at developing the cannabis business in the Eastern Caribbean nations.

The duo has disclosed plans to purchase agricultural land and partner with farmers to create a cooperative entity modeled after the ones in Switzerland. The first plane load of hemp seed for a designated parcel of land totaling 300 acres arrived in St Kitts and Nevis on Thursday, May 2, but focus will also be placed on Dominica and Antigua.

Now, Ergen and David intend on reaching out to business and government leaders across the region.

“St Kitts-Nevis and its neighbours are ideally situated to produce the highest quality CBD in the world,” said Ergen. “We have no doubt we will be able to double their GDPs within a matter of years as the region takes its rightful place in a market that is literally changing people’s lives.”

Once operational, the cannabis initiative is expected by them to create thousands of jobs and will also tap into the rich cultural history and cannabis know-how of the strengthening Rastafarian movement in the region.

The announcement comes while the government of St Kitts and Nevis is moving to legalise medical use of cannabis products, and decriminalise marijuana use. It’s the latest Caribbean nation, following Jamaica, Antigua, Bermuda and the Caymans, to make progressive changes to exploit the US$400 billion industry and the region’s unique varietals and ideal growing conditions.

“The Eastern Caribbean is in perfect position as cannabis shifts from being an illegal US$400 billion business globally to a legal one worth 10 times that,” said Alki David. “It will be the Silicon Valley of cannabis, the Wall Street, the Hollywood.”

Ergen and David’s fund will go towards the purchase of land for cultivation, research and development, and to support the policy changes that will allow St Kitts and Nevis and its neighbours become global leaders in the sector.

According to the business tycoons, favourable legal, banking and citizenship policies, as well as advanced acceptance of cryptocurrencies, add to the attractiveness of developing business in the area.

Both billionaires are known for their success in media. David is the owner of FilmOn Networks and Hologram USA, while Ergen is co-founder and current chairman of his family’s Dish Network and many other media and marketing start-ups.

David has also developed a significant cannabis and CBD business based in Gstaad, Switzerland, Swissx Labs, which takes pride in offering the purest CBD products available.