Canadian cannabis company Aphria is capitalizing on Jamaica’s cannabis industry

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Canadian cannabis company Aphria is capitalizing on Jamaica’s cannabis industry

Bethan Rose Jenkins, Cannabis News Writer/Editorial

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On July 29, Canadian cannabis producer Aphria Inc. announced that it would be branching out into Jamaica’s cannabis industry. The company, which is based in Leamington, Ontario, has already been given the go-ahead to open a legal weed store on Peter Tosh Square.

According to a press release from the company, a cannabis retail license has been awarded to Marigold Projects Jamaica – Aphria’s subsidiary – by the Cannabis Licensing Authority. The store is set to open this month on the square, which can be found on Trafalgar Road, Kingston.

Jamaica’s first cannabis store will be called Sensi Medical Cannabis House. Its location on Peter Tosh Square is sure to be good for business, considering the fact that this destination entices floods of tourists year-round with its array of attractions. One such example is The Peter Tosh Museum, which is dedicated to the late reggae musician.

Licenses are also pending for the launch of four other cannabis stores in the third-largest Caribbean island, where possession of small amounts of the plant was decriminalized in 2015. Customers will have the opportunity to peruse and purchase an assortment of cannabis strains, accessories and branded products stocked under Marigold’s proprietary brand name Sensi Gold. In addition to buying goods from Sensi Medical Cannabis House, consumers can also kick back inside the onsite smoking lounge. This lounge will be designed to encourage safe and regulated smoking in a regulated setting.

“We believe that there is tremendous opportunity in Jamaica from a domestic and international perspective and we look forward to bringing Sensi products to the market,” expressed Aphria’s chairman/interim CEO, Irwin D. Simon.

The 61-year-old formerly led The Hain Celestial Group, Inc. During the time spent at his previous role, Mr. Simon successfully managed to expand the company’s operations across Asia, Europe, the Middle East, and North America. In the process, Hain’s net sales inflated to $3 billion.

Aside from the cannabis company’s existing projects, Aphria also owns 10 acres of farmland in St. Catherine and 20 acres of disused land elsewhere in Jamaica

Aphria, which lists on the Toronto Stock Exchange and the New York Stock Exchange, owns a 49 percent stake of Marigold Projects. The Canadian cannabis company is in possession of a Tier 3 cultivation license. The license will be used to grow cannabis for scientific and medical purposes over a stretch of land spanning five acres. 

“Receiving this license is a testament to our team’s hard work and dedication in growing our Caribbean and LATAM business as we provide high-quality cannabis products in regions. Aphria will continue to execute on our business plan to create long-term value, sales growth, and profitably in Canada and internationally,” said Mr. Simon.

According to Aphria, as much as 2,700 kilograms will be harvested once operations commence at the cultivation site. With Jamaica’s fertile soil and tropical climate, the environment is ideal for yielding highly potent cannabis plants.

The same can be said for Latin America, where the medical cannabis market is predicted to be worth $8.5 billion by 2028. Just last year, Aphria revealed it had closed the acquisition of LATAM Holdings Inc.