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Jamaican Cannabis Company Jacana Raises $20 Million, Completes First Export

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Jamaican Cannabis Company Jacana Raises $20 Million, Completes First Export

Jamaica-based global cannabis company Jacana announced this week that it's raised $20 million and completed Jamaica's first export of cannabis flower. 

What Happened

Jacana raised $20 million as an initial investment. The company said it plans to use the money to build its business and to cultivate, develop and distribute certified medical cannabis solutions. 

Aside from the investment, Jacana completed the first-ever international export of marijuana flower from Jamaica.

In September, the country's government approved the first-ever export of cannabis oil to Canada. 

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Jacana is a global cannabis company that also has a presence in the UK and Canada. In Jamaica, the company has a 4.4-million-square-foot (100-acre) farm in St Ann. 

Why It's Important

Jamaica has the potential to become a global cannabis leader, with the country long being associated with the plant through the international popularity of reggae musicians like the late Bob Marley.

The plant itself was illegal on the island until 2015. Only in the last couple of years the government started to ease restrictions, but cannabis in Jamaica has a long way to go before it becomes fully legal. 

What's Next

Jacana said it plans to use the investment to advance its international expansion and build on its existing operations in Europe, North America and the Caribbean.

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Posted-In: Jacana marijuana pot weedCannabis News Emerging Markets Markets Best of Benzinga

 

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