(CMR) Jamaica's cannabis industry has received a major boost after cannabis company Medicanja received a US $15 million investment from US-based Noble Capital Fund.
According to Nationwide News, the investment is expected to generate more than 200 agricultural jobs, primarily in the parishes of St. Catherine and Westmoreland.
Minister of Investment and Agriculture, Audley Shaw said Jamaica is expecting US$10 million from Medicanja exports annually with this investment.
The initial US $15 million investment in Medicanja is part of an expected US $100 million that Noble Capital Fund will be pumping in several Jamaican entities within the next three years, Nationwide reported.
Noble Capital Fund has already invested in several local companies since 2018.
Shaw said the Jamaican government was working to correct the issues that the medical cannabis industry in Jamaica is currently facing, one of which is US banking regulations.