APR.14, 2018 - FROM CAYMAN TO THE WORLD, CANADA CORNERS GLOBAL CANNABIS MARKET
In May 2017, a George
Town pharmacy housed in CTMH Doctors Hospital received a shipment
that just a year prior would have been unthinkable.
That month, Professional
Pharmacy Services legally purchased 12.96 liters (3.42 U.S. gallons)
of cannabis oils from Canada’s CanniMed Therapeutics.
While the oils were not
Cayman’s first such import – other oils arrived the previous
month from Jamaica – the shipment marked a shift in dynamic in the
cannabis trade between North America and the Caribbean. The sale was
a first in the region for Canada’s incipient cannabis export
As marijuana regulations
in the region relax and more jurisdictions move to legalize the
substance, Canada sits poised to dominate a now legal and
increasingly global industry. A clandestine trade not long ago, legal
cannabis is now one of Canada’s fastest-growing industries and one
of the hottest commodities on the Toronto Stock Exchange.
96-percent owner of CanniMed’s shares as of March 28, reported a
market capitalization of CA$4.53 billion (CI$2.88 billion) on the TSE
as of the end of March. The company’s Chief Corporate Officer Cam
Battley places the company’s market value between CA$5.5-6 billion.
The only other Canadian
company to export cannabis to the Cayman Islands, Cronos Group,
became the first marijuana business to be listed on Nasdaq, with
trading of the company’s common shares opening on the New
York-based exchange on Feb. 27.