Medicanja secures investors to revive business

Noble Capital Fund, a major US investor, and Dr Trevor Hamilton, a leading international consultant, have signed a deal to acquire a major stake in Medicanja Limited.

Speaking at a press briefing yesterday, chairman and founder of Medicanja Professor Dr Henry Lowe noted that Noble Capital will be undertaking the raise of additional financing for Medicanja's growth in the marketplace.

He said this investment will aid Medicanja in expediting and expanding its commercial plan, not just in Jamaica but globally. He further stated that Noble is not only financing the business but helping to create strategic partnerships to further establish the business.

He highlighted that the deal has been four years in the making but was slowed down by banking issues and the novel coronavirus pandemic.

“We've been held up in part by COVID-19 as well as the banking issues where you need to either work around them or work with them, and we've been doing both,” said Dr Lowe.

He noted that the company is now renewed with this new US investor on board to help with financial markets.

Industry and Commerce Minister Audley Shaw, who was also present at the press briefing, said, “The industry has had some challenges, not the least of which has been correspondent banking issues imposed on the industry by our major developed trading partners in the north. In fact, the US Congress has approved the revised safe banking act for the cannabis industry to become bankable and we're hoping that this will go to the US Senate for final approval shortly.”

Source: Jamaica Observer

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