Jamaica News, January 28, 2018
Kingston, Jamaica (Mckoy’s News) – Speaking on the first day of the 13th Regional Investments and Capital Markets Conference of the Jamaica Stock Exchange on Wednesday, January 24, distinguished local scientist Dr. Henry Lowe highlighted that ‘Medicanja’, his medical marijuana company, will be listed on the junior market of the Jamaica Stock Exchange in upcoming months.
A biotechnology company which uses plant and natural resources to produce nutraceuticals, pharmaceuticals and cosmeceuticals products, Lowe notes that individuals within Jamaica and the diaspora are tremendously interested in Medicanja Limited.
He said, “We did the survey, most Jamaicans are supportive of Medicanja. They know about it, but the question that came back from many of them is, ‘we don’t produce ganja or ganja products, how can we get involved?”
According to Lowe, investors are urging him to: “Get to market now because we are ready.”
As for the average man, Lowe notes that he is not to be excluded as Medicanja stocks will be reasonably priced for the public.
“So the little man out there, if he has JMD$2,000, he’ll be able to invest,” Lowe said. “We are giving the opportunity for equity for the regular man.”
Keen to not disclose particulars surrounding the timeframe of the company’s listing, Lowe urged attendees that they would see “in a few weeks.”
Mentioning similar businesses worldwide which are profiting from the stock market, Lowe expressed that this has motivated him to list now more than ever.
“Look at the stock markets of Australia, Israel, UK, Canada and the US. That’s where the growth is taking them to $20 billion by 2020,” Lowe said.
Having previously expressed plans to take the company public Lowe indicated that “We just employed a top class accountant and a top class COO, and we have put all systems in place and we will be ready to go.”
The business is projected to seek to generate under $500 million to help with meeting its increasing local and international orders.
At the local level, Lowe highlighted that he has received a tremendous number of orders from pharmacies and is incapable of supplying all the demands.
As for the international market, “We have agreements with two universities and businesses in South Africa that we are going to sign, and these are proforma orders. Also, we have orders with Canada and we see ourselves going into Europe,” Lowe said.
Medicanja is presently working with a main producer in the pharmaceutical industry to assist with manufacturing.
Speaking under the theme, “Monetizing the Plant-Based Medicine Industry”, on day two of the JSE conference, Lowe underscored the absence of support from local financial organizations.
He explained that “there is nobody in the financial sector willing to do anything despite the fact that they have seen all that has been achieved. And I still worry about some people, who don’t have resources to benefit.”
According to Lowe, many individuals are manufacturing medical marijuana without the appropriate standards.
“People are slipping and doing illegal things that will cause problems for the rest of us” he explained.
For that reason, he emphasized the need for proper regulation and normalization.
Lowe posits that once correctly organised, the local market could see continual earnings of US$1.5 billion per year in the next three years. For him, these incomes might grow to outdo the tourism industry and even remittance inflows.
Contributed by Kamoy Green