Noble Capital Fund Invests $15M In Jamaican Cannabis Company Medicanja, $85M More Expected

A private equity fund Noble Capital Fund and international management consultant Dr. Trevor Hamilton invested $15 million in a Jamaican cannabis company Medicanja, reported NewsDay. 

According to the Minister of Industry, Investment and Commerce Audley Shaw, this is part of the $100 million investment the fund plans to make in Jamaican projects over the next couple of years. These investments should help the country reach the global nutraceutical market, which is estimated at $417.66 billion in 2020 and projected to grow at 8.9% from 2020 to 2028.

“The US$15 million in Medicanja will create over 200 jobs in the short term 

and...will deliver over US$10 million in annual exports,” Shaw said. “This level of export sales will certainly help to alleviate our trade imbalance, and we certainly welcome any investment that will deliver this kind of export revenue to the economy any day of the week. The growing demand for dietary supplements and functional foods is expected to be a key driving factor for the global market over the forecast period.”

Medicanja was founded in 2013 by Dr. Henry Lowe as the first registered cannabis company in Jamaica, reports the outlet. The company has 10 patents pending with the Jamaica Intellectual Property Office and 12 pharmaceutical products approved by the Jamaican Health Ministry. Last year, it managed to obtain 12 certificates of free sale from the Florida Department of Commerce. Its products are already reachable in Ghana, Barbados, the U.S. and Canada.

Jamaican Cannabis Culture 

“Jamaican ganja” is often recognized as the best in the world, likely because it is an important part of the island nation’s culture and tradition. Bob Marley, Usain Bolt, Rastafarians and ganja are among the most common first associations that come to mind regarding Jamaica.

Rastafarians regard cannabis as a sacrament, holy herb or the “wisdom weed.” Smoking weed is an integral part of their religious ritual.

Photo: Courtesy of Sébastien Jermer on Unsplash