Jamaican cannabis company Pure Jamaican made history this past week when it legally exported THC products to the U.S., where they will be tested at a facility licensed by the U.S. Drug Enforcement Administration (DEA).
The Jamaican Ministry of Health and Wellness and the DEA both approved the export, culminating in an initial shipment to a DEA-licensed facility for testing. This milestone, according to Pure Jamaica CEO Scott Cathcart, “elevates the role of Jamaica in the global cannabis ecosystem.” He stressed Jamaica’s transition from being associated solely with recreational cannabis to a legal exporter of pharmaceutical-grade THC products.
"Jamaica has long been associated with ‘ganja' but never before in this context as a producer and legal exporter of THC as a pharmaceutical-grade medicine," Cathcart said in a company statement. "As the only company in Jamaica licensed for pharmaceutical manufacturing of cannabinoids, we are proud to be leading the way to elevating the role of Jamaica in the global cannabis ecosystem."
Dr. Ellen Campbell Grizzle, chief regulatory and compliance officer of Pure Jamaican and Seven-10 Pharmaceuticals, called the move more than just business.
“Jamaica boasts 52% of the world’s medicinal plants, and we’re exploring new botanical medicines to bring health, wellness, and economic growth to our nation,” she said.
Jamaica Promotions Corp. (JAMPRO) president Shullette Cox also praised Pure Jamaican’s success, highlighting the government’s focus on growing the medicinal cannabis industry and exporting value-added products.
DEA Attitude Changing? Hard To Say
This development coincides with the DEA’s consideration of relaxing federal restrictions on marijuana. Following President Joe Biden‘s directive, the Department of Health and Human Services recommended the DEA reschedule cannabis from Schedule I (most restrictive) to Schedule III, facilitating easier research and potentially leading to cannabis-based drug approvals.
If approved, Seven-10 Pharmaceuticals, Pure Jamaican’s manufacturing arm, intends to request DEA permits to directly supply patients in the U.S. who hold valid medical marijuana recommendations.
Seven-10 has already begun shipping medicinal cannabis formulations to Brazil, a market with over 500 million people combined with the U.S.
Jamaica legalized medical cannabis export in 2015, but regulations only came into effect in 2021.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.