MIAMI, Dec. 3, 2020 /PRNewswire/ — Pure Jamaican Limited, provider of pharmaceutical cannabinoids, genetics and consumer packaged goods products in large volumes for export into legal countries globally announced today a major development in its international export program.
Setting the stage for Mexico to become the world’s largest legal cannabis market, the Mexican Senate on November 19 overwhelmingly passed cannabis legalization ahead of a deadline the Mexican Supreme Court had set for a final vote on the issue. The legislation now passes to the House for expected final approval. Mexico, with its 130 million residents, is a key market for Pure Jamaican’s distribution of cannabinoid active pharmaceutical ingredients (APIs) into LATAM and the EU.
The legislation confirms that COFEPRIS (the equivalent of the FDA in Mexico) will oversee medicinal and pharmaceutical cannabis. A Mexican Cannabis Institute will be created to be fully functional in January 2022 to oversee the recreational market. To register a new pharmaceutical product in Mexico the manufacturer must also register its API provider. Pure Jamaican’s pharmaceutical manufacturing division Seven Ten Limited is already a conditionally licensed pharmaceutical manufacturer which puts them in optimal position to produce APIs and finished goods for the Mexican marketplace.
“We created Pure Jamaican as a first-mover in the next wave of major value creation in the cannabis industry, namely low-cost/high-volume production, extraction and sale of pharmaceutical-grade cannabinoids and derivative products” said Scott Cathcart, Pure Jamaican’s Co-Founder and CEO. “We have also timed the development of our vertically-integrated businesses to coincide with the release of new regulations in Mexico, which is set to become the world’s largest legal market, and we will be exporting large volumes of cannabis API and finished goods from Jamaica into Mexico.”
2020 has been a banner year for Pure Jamaican, with the company having announced in August the appointment of John K. Bell as Chairman of the Board of Directors. Among his other positions in the pharmaceutical industry, Mr. Bell is the former chairman of Canopy Growth Corporation, helping this leading cannabis company to achieve a peak market capitalization of $20 billion.
Pure Jamaican, is currently seeking to close out its $8.5M equity offering by the end of 2020.
About Pure Jamaican – With a deep team of experienced cannabis scientists and global business leaders, two large cultivation sites, and a conditionally licensed pharmaceutical manufacturing facility in Jamaica, Pure Jamaican is focused on supplying the world with true pharmaceutical cannabis and derivative products of the highest quality, in very large volumes, at the lowest prices globally.
About Highway33 Capital Advisory – With offices in Miami, Denver, Detroit and San Francisco Highway 33 is a capital advisory for Mergers and Acquisitions, buy-side/sell-side agreements, capital formation, value creation, and pre-IPO strategies for investors and for vetted operators throughout the supply chain – biotech firms, cultivators, manufacturers/processors, retailers, testing labs, etc. For information contact [email protected]