US$100-m ganja deal described as historic first outside USWednesday, September 16, 2015
THE US$100-million ganja deal between the Courtney Betty-led Timeless Herbal Care (THC) and Denver, Colorado-based O.penVAPE, the largest consumer cannabis brand, has been described as marking the "first time in history an international collaboration has been created to produce cannabis-infused products outside of the United States".
Publicist Marketwired said yesterday the partnership was projected to generate over US$100 million in revenue in the first 10 years of operation, using Jamaican ganja to develop medicinal products for the international market
"Timeless Herbal Care planted the first legal cannabis plant alongside the Jamaican Minister of Justice Mark J Golding on April 20, 2015 on the University of the West Indies campus," the publicist said, and quoted Betty, the THC president/CEO as saying: "Timeless has been there from the very beginning and we will continue to play a leading role in establishing Jamaica as the medical marijuana hub of the world."
Colorado is the first US state to legalise marijuana and has become the standard bearer for countries hoping to cash in on the highly lucrative marijuana industry.
"In 2014, Colorado began sales of cannabis to adults 21 and over. Over the same time period, visits to Colorado increased by 7.4 per cent, 185 per cent greater than the national average, with a total of US$18.6 billion dollars spent in the state," Marketwired said. "Jamaica had 2.8 million tourist visits in 2014, representing an increase of eight per cent over the previous year. Some 1.4 million Americans are projected to journey to Jamaica in 2015, with over 28,000 eligible to participate in the newly legal Jamaican medical cannabis programme. One of the attractions for travellers is the reciprocity offered in Jamaica for medical marijuana cardholders."
It said O.penVAPE would bring "massive consumer reach to the partnership with a combination of advertising and social media touching over 2.2 million consumers".
"The partnership with O.penVAPE is projected to generate over 10,000 additional tourist visits per year. The alliance with Timeless Herbal Care puts a high priority on driving tourism and creating jobs, both of which are vital to the Jamaican economy. Additionally, a portion of the profits created through sales of medical cannabis will be directed towards non-profits benefiting education and research in Jamaica," th agency said.
It also quoted O.penVAPE's Chief Business Development Officer Chris Driessen as saying: "We are thrilled to partner with Timeless Herbal Care to usher in the new era of medical cannabis regulation. We are fully committed to helping the Jamaican people monetise one of their most precious natural resources, ganja."
O.penVAPE is the leader in cannabis extraction technology and the leading national cannabis brand, currently operating in nine states. It distributes products through a network of affiliates licensed to sell O.penVAPE cannabis oil-filled cartridges, vaporiser devices and related products.