GET ready to invest in the billion-dollar cannabis industry!
Parliament is due on Friday September 10, 2021 to debate the Cannabis Control Bill, 2020, which would facilitate the establishment of an administration for an industry in Trinidad and Tobago.
The Bill was discussed by a bipartisan parliamentary Joint Select Committee.
The proposed law would allow for the setting up and proper registration and regulation of agricultural and business operations for a cannabis industry.
Globally, the industry is reportedly worth more than US $20 billion, and is growing rapidly as more and more countries decriminalise marijuana and permit the establishment of industries.
Several Caricom countries have passed laws in recent months allowing for such industries.
The T&T law is mandating that 30 percent of investors in companies or cooperatives must be nationals.
Jamaica’s law calls for a 50 percent stake by its citizens.
Other countries, such as St. Vincent, St. Kitts-Nevis and Antigua-Barbuda, are granting more licences to the nationals than to foreigners.
Medicinal cannabis is being utilised around the world for a variety of diseases.
The herb is also used for recreational and spiritual purposes.
The United States has spawned a giant cannabis industry, with some companies being listed on stock exchanges.
The Jamaican authorities are urging investors to enlist in that country’s stock exchange.
There are several aspects to the industry.
They include cultivation of marijuana, laboratory testing and research, process and manufacturing, distribution, and establishment of pharmaceutical dispensaries.
Several T&T business people have already expressed great interest in investing in the lucrative industry.
It is expected that foreign firms with technical expertise and markets would seek T&T partners to establish cannabis businesses in T&T.
The Caribbean weather and soil are said to be well suited to growing healthy marijuana crops.
For years, such cultivation was been destroyed by the police.
Now operators in the budding industry would be required to obtain licences and be properly registered.
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