By Eric Vengroff, Financial Analyst, Cannabis Daily
In an announcement at last week’s Lift Cannabis Expo in Toronto, the Jamaican Medical Cannabis Corporation (JMCC), a Title Sponsor, announced that It has signed a three-way supply agreement with a developer of cutting-edge medical and health cannabis products, and a Canadian Licensed Producer. Further, it has received signed letters of intent to purchase from another seven LPs and is in discussions with another half-dozen in Canada and Europe. Lastly, and perhaps most interesting, is that this collective of growers (that’s what JMCC is) is well on track to produce volumes equivalent to the large Canadian producers.
I know what you’re thinking…what else is new? In speaking with Shelley Boyes, Marketing and Communications Director at JMCC, she admits that Jamaica has an interesting and storied history with cannabis. Used for religious, medicinal and cultural purposes by the Rastafari and popularized by Bob Marley and followers, it is the very reason why Jamaican flags fly in every head shop and coffeeshop from Amsterdam to Adelaide.
In listening to the presentation by the Hon. Andrew Wheatley, Jamaican Minister for Science, Energy and Technology, he stated that Jamaica is a leading researcher in the use medical use of cannabis. Considering its extensive use in indigenous medicine, this should come as no surprise. Indeed, they may be years ahead of North American and European companies that are starting up now.
Mr. Wheatley was accompanied on stage by CEO Diane Scott, who founded the company in 2016, about a year after the Jamaican government passed legislation in February 2015, regulating a lawful medical cannabis industry on the island.
Based on the number of LPs represented at the Lift Expo, it would appear as though the Canadian market can be adequately supplied. So what possible advantage could a Jamaican producer add, and what is pharma-grade or medical cannabis anyway? I asked.
What distinguishes JMCC’s business, and product to some extent, from other Canadian cannabis industry players relate essentially to the supply chain, its quality and integrity. To that extent the JMCC features (a) sun-grown, pharma-grade cannabis produced by members of the collective in Jamaica under strict quality standards and monitoring protocols, a ‘farm-to-table’ kind approach that encompasses propagation to distribution, maintaining quality assurance, secure supply chain management, and industry certifications such as GMP, GDP, ISO 9001, GLP and ISO 17025, and ISO 14001.
Moreover, JMCC is also focused on protecting indigenous strains of cannabis. One of the first projects to be funded by its charitable foundation is a 10-year study to be conducted by a consortium of scientific agencies to identify, analyze and preserve indigenous Jamaican cannabis strains. As such, JMCC is in a unique position to supply ‘boutique’ strains at premium prices – perhaps to the same folks who buy heirloom tomatoes.
Health Canada and UN conventions regarding scheduled drugs governs the rigorous importation approval process and both JMCC and any signed or prospective LPs will no doubt be jumping through various regulatory hoops to be sure. We will wait for subsequent announcements.
The information and opinions presented here are that of the analyst and do not represent the thoughts and opinions of this website. The analyst does not own or represent any of the companies listed in this article and receives no compensation from any party mentioned in this article. Readers are urged to do their own research and due diligence and should seek advice from an independent financial advisor before making any financial investment.