The Minister of Industry, Investment and Commerce, Hon. Audley Shaw giving his contribution to the 2021/22 Sectoral Debate on Tuesday (May 11), in the House of Representatives.
The Ministry of Industry, Investment and Commerce is advanced in establishing a Ganja Industry Development Task Force, which will draw on expertise from the public and private sectors and academia to provide guidance for the further growth of the industry.
Among the areas of focus are rights and protection, expansion of research on medical cannabis, product development, market access and high-impact investment.
Portfolio Minister, Hon. Audley Shaw, made the disclosure during his contribution to the Sectoral Debate in the House of Representatives on Tuesday (May 11).
The work of the Task Force will better enable Jamaica to take advantage of opportunities in the global cannabis industry, which the Minister said is forecast to double in value with a worth of approximately US$42 billion in three years.
He noted that while the industry, today, is dominated by the sale of ganja buds in dispensaries, its future success lies in cannabis by-products aimed at improving the quality of life of users.
These include nutraceuticals to treat a variety of common ailments and full spectrum cannabis oil that can be infused in tinctures, edibles and topicals.
“By embracing the full opportunities of the industry, we will grow the marketplace, generate increased revenue and enable job creation. Many of our local licensees have invested in technology that allows them to produce cannabis by-products in a safe and compliant manner,” Minister Shaw said.
“The Ministry recognises that in order for the industry to truly grow, we must urgently establish a framework in conjunction with the Ministry of Health and Wellness that sets out clear guidelines of how this will be accomplished,” he added.
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The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.
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