FSD Pharma Inc. on Thursday said it has signed a Letter of Intent with JJAMACANN Inc. to form a joint venture operating as FSD Jamaica.
FSD Jamaica expects to partner locally with Nature’s Purest Limited, a Jamaican corporation with a cultivation license and existing operations in Jamaica.
As part of the LOI, FSD Jamaica will establish an experimental centre for the development of cannabis and cannabinoid genetics suitable to cultivate in Jamaica with the intent to create a genetics and seed bank of innovative cannabis and hemp products for the Jamaican market and the Canadian market where permitted.
NPL was the second company to be granted a cultivation license in Jamaica. It is located in the mountains of Ulster Springs Trelawny and the property is fed by crystal clear spring water surrounded by many agricultural crops and experienced workers.
FSD Pharma through its wholly-owned subsidiary FV Pharma, is a licensed producer of marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) having received its cultivation license on October 13, 2017.
Headquartered at the former Kraft plant in Cobourg, Ontario, approximately an hour’s drive from Toronto, FV Pharma management’s mission is to transform the facility into the largest hydroponic indoor cannabis facility in the world. FV Pharma intends to target all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extracts and research and development.
“We are excited to be working with a world-class and knowledgeable team of local experts and entrepreneurs with extensive cannabis cultivation experience,” said Anthony Durkacz, Director of FSD. “Jamaica has historically produced some of the best cannabis over the past 50 years. FSD Jamaica intends to take advantage of the ideal climate and soil conditions on the NPL property and surrounding area to produce the highest quality cannabis, hemp and cannabinoid products possible. FSD Jamaica is well-positioned to bring Jamaican branded, world class medical and recreational products to market by 2019.”