Jamaica Archives - Green Market Report

Debra BorchardtAugust 29, 2023


Silo Wellness, Inc. (CSE: SILO) (OTCQB: SILFF) is buying NUGL Inc. (OTC Pink: NUGL) in a deal valued at C$43 million. Last month Silo announced it was partnering with Jamaica-based Kaya Group, which is owned by Nugl. Nugl and Kaya merged in April 2022 to form a multifaceted cannabis lifestyle company.

The company operates three Kaya Herb House retail locations and a Gap Café wellness center, which would partner well with Silo’s expertise in managing psilocybin wellness retreats in Jamaica’s legal psilocybin market. At the time of that announcement, Silo acquired just over 25 million shares of Nugl. Now the company has decided to buy the remaining shares.

Nugl Revenue

Silo also noted that NUGL/Kaya had top-line revenue of $2.2 million in 2022  along with $1.5 million in gross profit and a $2. million net loss. This was an increase in revenue from $1.8 million in 2021. The company reported revenue in its most recent quarter ending in June of $708,796.

Still, Nugl was reported as a “going concern.” The company has experienced recurring net losses and negative cash flows from operations since inception and as of June 30, 2023, has an accumulated deficit of approximately $7,877,396 (December 31, 2022 – $7,769,953) and a working capital deficit of approximately $610,739 (December 31, 2022 – $753,675). As of June 30, 2023, the company had $75,168 (December 31, 2022 – $86,575) in cash and cash equivalents with a working capital deficit of $610,739.

Partnership Plans

At the time, Silo Wellness said its partnership with NUGL/Kaya Group would bring even more opportunity for expansion and solidifies the company’s presence in Jamaica, a region championing the burgeoning psychedelics industry.

Mike Arnold, founder and CEO of Silo Wellness and an Oregon attorney said “Our collaboration with Kaya is a monumental stride in realizing our vision to offer holistic treatments that combine the best of and broaden our international footprint. We’re committed to providing transformative plant medicine wellness experiences.”


Debra BorchardtJune 14, 2018


The Green Organic Dutchman Holdings Ltd.  (TSX:TGOD) (TGODF) entered into a strategic partnership with Jamaican cannabis company Epican Medicinals Ltd. According to the company statement, this partnership will add an additional 14,000 kgs, taking TGOD’s total organic funded capacity to 130,000 kgs. In addition to the production agreement, TGOD has also entered into a binding agreement to invest into Epican for a 49.18% stake.  TGOD will also provide Epican access to its financing facilities to support future expansion requirements.

Epican produces high-quality cannabis at its Blue Mountain cultivation site and has partnered with TGOD to construct a second 125,000 sq. ft. GMP compliant facility. Upon receiving the second site license, both facilities will cultivate high premium organic strains for the Jamaican and international markets. TGOD will be working with Eco-Cert to achieve organic certification in Jamaica.

“This represents the first of many strategic partnerships TGOD intends to execute in the coming months,” said Robert Anderson, TGOD CEO. “Our value-added approach taken in this investment will set an international M&A framework for capital investment, transfer of knowledge, and sector expertise. We will continue to evaluate international opportunities that will assist us in executing our business plan to become the world’s largest organic cannabis brand,” continued Anderson.

Epican’s extraction laboratory has been designed, licensed and built to GMP standards, establishing the company as a leader in sustainability with Jamaica’s Cannabis Licensing Authority. The company said that it intends to sell a wide range of products such as dried flower, oils, pre-rolled joints, vapes, tinctures, among others. Epican’s initial offering of 11 scientifically formulated products will allow the company to service medical cannabis patients through its network of retail dispensaries called Herb Houses.

Karibe McKenize, CEO of Epican, stated “We are excited to partner with and benefit from TGOD’s immense knowledge in organic cannabis cultivation. This expertise supports and enhances our authentic Jamaican production and ensures patients receive a product that is completely free from chemical pesticides and synthetic fertilizers. Our partnership with TGOD solidifies our commitment to producing cannabis in the most sustainable and natural methods possible, honoring Jamaica’s historic relationship with the natural and medicinal benefits of the plant.”


Debra BorchardtOctober 25, 2017


Canadian-based Canopy Growth Corporation (TWMJF)   announced that it launched a strategic partnership in the Jamaican cannabis market as part of its ongoing international expansion. The partnership will be called Grow House JA Limited and will operate as Tweed Limited JA. Canopy Growth will own 49% of the capital of Tweed JA and the company said that the conditional license approvals are already in place and construction has begun on the facilities.

Tweed JA will use Tweed’s established cultivation processing along the island’s abundant sun and good soil and the local know-how of its Jamaican partners to create a product that will serve the needs of the Jamaican medical cannabis market.

Jamaica represents a world-class cannabis market, and we are fortunate to be working with a highly experienced and knowledgeable local team so we can put the right pieces in place to turn these opportunities into local prosperity and success,” said Bruce Linton, Chairman & CEO, Canopy Growth. “Ensuring we have the brands, infrastructure, and the right people in place is our priority. We look forward to contributing to a successful Jamaican cannabis market with the addition of Tweed JA.”

Jamaica has had a conflicted relationship with marijuana. On the one hand, many residents are Rastafarians which incorporates cannabis into religious ceremonies. On the other hand, the government has been very opposed to its use. Colonial elites outlawed cannabis in 1913 with the Ganja Act and added more punishment with the Marijuana Tax Act in 1924. The Ganja law was modified in the 70’s but was mostly still illegal.

In 2015, the Jamaican legislature voted to amend the nation’s cannabis laws and decriminalize marijuana. This led to the introduction of the Cannabis Licensing Authority (CLA). The Jamaican government has been developing a framework for the cultivation and sale of medical cannabis. Tourists can purchase medical marijuana, but trafficking and possession are still illegal. Possession under two ounces is a petty offense.  Jamaica cannot fully legalize cannabis without violating the Single Convention on Narcotic Drugs.

This brings up an interesting point with the Toronto Exchange where Canopy is listed in Canada. The Exchange recently said that its listed companies couldn’t do business in America where marijuana is still federally illegal. Technically, that is the same case in Jamaica.

According to the company statement, “Canopy Growth is confident that the production and formulation model it has built in Canada, combined with the strength of the existing team in Jamaica, made up of experienced entrepreneurs with substantial cannabis cultivation experience, will drive the national conversation around cannabis forward, and promote Jamaica’s well-established and renowned ganja, oils and other cannabis products on a global level.”

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