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Aphria Announces Expansion To Jamaica

July 29, 2019 8:38 am
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Aphria Announces Expansion To Jamaica

Canada-based cannabis company Aphria Inc (NYSE:APHA) announced Monday its subsidiary will expand operation to Jamaica.

What Happened

Aphria's subsidiary Marigold Projects Jamaica Limited was granted a retail Herb House license from Jamaica's Cannabis Licensing Authority to open a new store in the city of Kingston, the company said in a press release. The new location will overlook the Peter Tosh Museum and include a smoking lounge, a selection of high-end accessories for sale, and Marigold's propriety strains of cannabis and brands called Sensei Gold.

Aphria owns 49% of Marigold and the subsidiary holds a Tier 3 license to cultivate more than five-acres of land with cannabis for use across medical, scientific, and therapeutic purposes, the company said.

Why It's Important

Aphria interim CEO Irwin Simon said the company has a "tremendous opportunity" in Jamaica from a domestic and international perspective. Being granted approval from the Jamaican government can be seen as validation of its high-quality cannabis productions.

Aphria will continue focusing on its business plan of creating long-term value, sales growth, and profit in its base of Canada and internationally. The company already has plans to open four other locations in Jamaica if it receives regulatory approval to do so.

Aphria shares closed Friday at $5.50. and ticked slightly higher Monday morning.

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