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Ganja acquisition - Medical ganja group buys competitor


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December 2021
 

A Jamaican ganja farm under cultivation for the global market.

Above Body

 31 Dec 2021    admin   

Medical ganja company The Pure Jamaican Group is expanding with the acquisition of the production and cultivation assets of Timeless Herbal Care.

Timeless Herbal, founded in 2014 by Courtney Betty, is the first company in Jamaica to achieve Good Manufacturing Practices (GMP) certification for medical ganja extraction and production and the first company to export medical ganja from Jamaica to Canada legally.

The acquisition, made through the Pure Jamaican Group pharmaceutical division, Seven-10, includes all of Timeless's production and cultivation assets, a licence to the Timeless brand in Jamaica, and ownership of the Timeless brand in Brazil, Mexico and Switzerland.

Arising from the takeover, Seven-10's pharmaceutical manufacturing capacity in Jamaica will be expanded. Seven-10 was explicitly founded to help the world's leading pharmaceutical manufacturers and scientists create a new generation of medicines from cannabinoids grown and extracted in Jamaica.

The Government of Jamaica supports the acquisition through the Ministry of Industry, Investment and Commerce.

The acquisition represents a win for Jamaica

Industry, Investment and Commerce Minister Audley Shaw said the move is good for Jamaica. “We are extremely pleased to see the Pure Jamaican group of companies continuing to leverage its exceptional global vision by collaborating with early market leader Timeless Herbal Care,” Shaw responded at the news of the acquisition.

Continuing, the minister contended that, “Pure Jamaican's mission to produce world-class, pharmaceutical-grade medicinal cannabis products for export will help Jamaica become a major supplier of cannabinoids to the world. We believe this will create a significant economic engine for Jamaica.”

In making the announcement, Pure Jamaican co-founder and CEO Scott Cathcart remarked that, “Timeless helped set a high standard for the cannabis industry in Jamaica, not just in its GMP certified, science-based extraction methods, but also in its respect and support for the Maroons and Rastafari farmers as a leader of the Alternative Development programme. We are pleased to expand our platform of pharmaceutical-grade production, delivery and export of cannabinoids, psilocybin, and other plant-derived molecules from our base here in Jamaica through this acquisition.”

Timeless' founder and CEO Courtney Betty, in his response, said, “this alliance with Pure Jamaican gives Timeless access to scalable production of pharma-grade cannabis products, including products targeting pain and anxiety. Pure Jamaican's manufacturing and distribution platform is a model for the industry, especially where there are global opportunities.”

With a team spanning the US, Canada, Jamaica, Mexico, and Brazil, Pure Jamaican is a multinational organisation with a mission to help people and populations achieve well-being and help transform lives globally. Pure Jamaican's diverse revenue streams support sustainable long-term value creation in the pharmaceutical, nutraceutical and consumer packaged goods (CPG), that are sold quickly and at a relatively low cost.

Source: Jamaica observer 

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