Canadian Licensed Producers (LP) of cannabis are leaving Jamaica in droves, due in part to stalled governemental decisions on export licenses.
Aphria (TSE: APHA), is “halting all further investments in Latin America and the Caribbean,” said a former employee exclusively to Sara Brittany Somerset for Forbes online. Approximately 200 former Aphria employees were laid off in an effort by the company to downsize and restructure.
Canadian cannabis producer The Green Organic Dutchman (CSE: TGOD) is no longer pursuing opportunities in Jamaica so it can focus on its struggling Canadian operations, the Mississauga, Ontario-based company said, according to MJ Biz.
Aurora (TSE: ACB), a Canadian-listed cannabis company, has sold its Jamaica asset for less than its CDN$4.5 million valuation in order to gain capital.
“The company also accepted an offer to sell its Jamaica property for gross proceeds of CDN$3.4 million,” said Aurora in a market filing.
Aurora’s languishing property in Jamaica would have formed the headquarters for its local operations.
According to the Gleaner, Aurora also sold assets it held in other regions in order to focus on local production in Canada.
Additional unforseen hardships such as the stark implications of the novel coronavirus pandemic, which caused a sharp and rapid decline in toursim, left companies including Aphria with a glut of rotting marijuana inventory intended for the rapidly diminished retail market. [Read More @ Forbes]
Your email address will not be published. Required fields are marked *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
Comment *
Notify me of follow-up comments by email.
Notify me of new posts by email.
Δ
By Hilary Bricken, Attorney at Husch Blackwell Dealing with creditors is never a fun experience. However, some creditors are more severe than others, especially in the cannabis industry. One of…
The long wait on whether Floridians will get a chance to vote to legalize recreational cannabis for adults 21 and older is almost over, as the Florida Supreme Court is…
Missouri’s health department on Wednesday stripped two coveted marijuana micro-licenses tied to an out-of-state company that had been accused of predatory practices and had listed the licenses for resale. The…
Big Island Grown (BIG) is a vertically integrated cannabis company based in Kailua-Kona, Hawaii County, on the Big Island of Hawaii, whose reach now extends to several islands in the…