skip to Main Content
Aphria, Aurora And Other Big Ag Cannabis Companies Pull Out Of Jamaica

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]

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Stories

CDTFA Cannabis Creditor: Myths and Truths

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…

If FL Supreme Court approves cannabis ballot language, will voters go for recreational weed or not?

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 strips marijuana licenses connected to company accused of predatory behavior

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…

Dug In: Big Island Grown’s Deep Cannabis Roots

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…

More Categories

Back To Top
×Close search
Search