Canadian Cannabis companies were expected to be the driving force behind a thriving marijuana industry in Jamaica. However, stalled governmental decisions on export licenses have gotten in the way of that. As a result several licensed Canadian cannabis companies are leaving the Jamaican market.
Forbes magazine reported on Saturday that even if the Jamaican government were to expedite the issuance of export licenses, the global market is extremely limited. And the slight amount of export was only permitted for medical research and development which does not add up to any genuine marketable or profitable volume.
According to the report, a former employee of Canadian cannabis company, Aphria told the magazine that Aphria is “halting all further investments in Latin America and the Caribbean”.
The magazine said approximately 200 former Aphria employees were laid off in an effort by the company to downsize and restructure.
In addition, Aurora, a Canadian-listed cannabis company, has sold its Jamaican asset for less than its CDN$4.5 million in order to gain capital, the magazine reported.
“The company also accepted an offer to sell its Jamaica property for gross proceeds of CDN$3.4 million,” an Aurora market filing noted.
The magazine added that Canadian cannabis producer the Green Organic Dutchman is also no longer pursuing opportunities in Jamaica.