US-based Noble Capital pumps US$15m into MedicanjaTuesday, October 26, 2021
KINGSTON, Jamaica — Noble Capital Fund has injected US$15 million into Jamaican medical cannabis entity Medicanja, which will create over 200 jobs while improving the brand and earnings on the global stage.
According to Managing Director of the United States of America-based Noble Capital, Sylvester Gbewonyo Jr, the investment is part of US$100 million that the company will be pumping into the Jamaican economy over the next three years.
Gbewonyo said that since entering the Jamaican market in the past three years, Noble Capital has invested in several companies and will be seeking to further the involvement in agriculture with this spend in Medicanja.
“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,” Ghanaian Gbewonyo said.
Meanwhile, Minister of Industry, Investment and Commerce Audley Shaw believes the investment will allow Medicanja to further tap into the US$417.66 billion nutraceuticals worldwide market and capitalise on the projected 8.9 per cent annual growth up to 2028.
According to Shaw, he expects that Medicanja's exports to grow and alleviate the island's trade imbalance, while also assisting with jobs in rural Jamaica, with St Catherine and Westmoreland being the main benefactors. He expects over US$10 in exports annually.
Shaw stated that the government is currently working to help the cannabis industry overcome the challenges that it is currently facing, with not being able to bank, the main issue.
“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. This way forward is in the several medical by-products that 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 stated.