Executive Chairman of Medicanja, Dr Henry Lowe, is urging a spirit of cooperation between government ministries and agencies involved in the development of Jamaica's ganja industry, following the passage of the Decriminalisation Bill.
Despite strong ministerial and legislative signals, segments of the marijuana lobby are unsure that sufficient protections will be afforded to the persons who currently supply the raw material. The challe
Since 2001, Canada has allowed patients to grow their own marijuana or designate a grower to do so on their behalf, but a policy change established the opportunity for licensed growers operating under strict quality controls to supply patients – essentially spawning a new legal marijuana industry overnight.
A report from Greenwave Advisors, a "comprehensive research and financial analysis for the emerging legalized marijuana industry," projects that legal cannabis could be an industry with revenues of $35 billion by 2020 if marijuana is legalized at the federal level. To put that figure in perspective, $35 billion represents more annual revenue than the NFL (currently $10 billion), and is roughly on par with current revenues for the newspaper publishing industry ($38 billion) and the confectionary industry ($34 billion).
A number of businesses in the burgeoning U.S. cannabis industry are trying to enlist Wall Street's help. Some entrepreneurs see marijuana heading down the same path as Prohibition, which banned the manufacture, transportation and sale of alcohol from 1920 until it was repealed in 1933. "More and more people see the inevitability," said Brendan Kennedy, chief executive of the Seattle private equity firm Privateer Holdings, which targets cannabis-focused start-ups. "They see that the Berlin Wall of cannabis prohibition is going to come down."
Vigorous regulation of a thriving medical-marijuana industry in Colorado offers the best glimpse of what is coming to Washington when it launches its voter-approved social-use market. With continuous surveillance, bar-coded plants and strict financial background checks, Colorado's rules allowed capitalism to be unleased, creating an instant $200 million industry. With retail prices — averagingabout $7.50 a gram — among the cheapest in the country.
Seattle's first-ever Medical Cannabis Cup — part gourmet weed contest, part trade show, part smoke-in — showcased the entrepreneurial drive and explosive growth of the local medical-marijuana industry. From dispensaries offering dozens of marijuana varieties to new potency-testing labs to makers of cannabis-infused capsules and candy corn, storefronts displaying the trademark green cross dot nearly every Seattle neighborhood. The city estimates there are at least 150 marijuana-related businesses here, more ubiquitous than Starbucks.