Jacana announced the launch of a separate company that will handle the processing of medical cannabis, complete with the necessary certifications. Products manufactured in this unit will be intended for those suffering from chronic suffering and pain.
There’s good reason for investing in this venture too: over 1.5 billion people have some or the other form of chronic pain with a 100 million of them in the US.
Apart from a dedicated Medical Grade Cannabis unit, Jacana has other achievements to show off. That’s their international export of the Jamaican medical cannabis flower, their very first such transaction and the successful acquiring of several critical permits and licenses to do so.
How this deal will benefit the company?
Through this deal, the company was even able to shape global regulatory processes and raise $20 million. These funds will be reinvested in the cultivation, development and distribution of certified medical cannabis solutions, that will be marketed as natural alternatives for other popular chemically manufactured products.
The investment will also help boost Jacana’s future global expansion activities, helping the company to build their presence in the Caribbean, North America and Europe.
What’s helping them and what’s standing in the way?
All isn’t exactly smooth sailing for this Jamaican unicorn, as the company managed to secure what now looks like a small win, amidst a lot of unfavourable circumstances. One is the rapid expansion of the global legal cannabis market. 25 new countries, including Mexico, Thailand and Germany, have legalised it bringing the total to 48 countries. This means they’ve got an even bigger pool of competitors.
But Jacana does have a few things working to its advantage. First, there’s a growing backlash towards pharmaceutical products that many users consider to be artificial, costly and riddled with side effects, especially with long term use.
Then, the medical cannabis industry valued at $100 billion by 2025, does have a shortage or severe deficit when it comes to the supply of medical CBD products from companies that are legitimate and actually understand how to manufacture and process the extract.
What Jacana is all about!
Jacana is founded and headed by Alexandra Chong the entrepreneur who brought us the popular social networking and dating app called Lulu, that was sold in 2016. Chong now oversees a global team for Jacana that’s operating out of the UK, Jamaica and Canada. This team manages the outdoor cultivation and distribution of medical cannabis, grown 100% organically, at the company’s own flagship 4.4 million square foot (100 acre) farm in St. Ann, Jamaica – an area known for it’s latitude and microclimate. Chong’s team comprises of people who bring in their experience from different and notable fields.
- Mich Mathews-Spradlin: Former CMO of Microsoft
- Bill Tai: Silicon Valley venture capitalist and a pioneer in the early days of Zoom and Twitter.
- Robert Leechman: Former CCO and Executive Board Member for the Coca-Cola Company
The company’s mission is to deliver natural medicine that their consumers can trust and help them live a full, meaningful life by improving their health, well being and happiness.
Using this platform, Jamaica will now be at par with G7 nations like Canada and Germany. The country now has a role to play in addressing the global demand for medical cannabis. They are now at the forefront when it comes to giving patients access to quality medical cannabis.
The government is lauding the company saying “It is wonderful to see Jamaican businesses, such as this, driving research and innovation, creating jobs and bringing in much needed global investment to fuel growth and development at a faster rate”