Medical cannabis industry rebounding after body blow says Finance Minister

Minister of Finance, Minister Camillo Gonsalves has referred to 2022 as a year of recovery for the medicinal cannabis industry in St Vincent and the Grenadines (SVG).

Presenting the 2023 Budget on Monday, January, 9 in parliament, the minister pointed out that the medicinal cannabis industry was dealt “a body blow” by the 2021 eruptions of La Soufriere volcano, and complications as a result of the COVID-19 pandemic.

These, he said, negatively affected efforts to export medicinal products to European markets.

“These events undeniably set back the development of an internationally respected, well regulated, export-oriented cannabis industry in St Vincent and the Grenadines,” Gonsalves said.
As it recovers from the setbacks the finance minister said that “Five major investor producers are back up and running.”

“Three of these investors have returned to production, while two are in the set-up phase.”

Additionally, he said two licensed companies have successfully achieved the EU Certification for Good Agricultural and Collection Practice.

Further, that one company has passed the medicinal cannabis authority standards for manufactured products.

“ This company has also achieved the CARICOM Good Manufacturing Practices standards for regional exports of oils and other manufactured products, as assessed by the St Vincent and the Grenadines Bureau of Standards,” the minister said.

And, another company is expected to begin manufacturing at their facility this year. In addition to bulk raw cannabis, local licensees are now producing multiple well packaged and labelled products, including buds, vape pens, tinctures, capsules and creams.

Close to $27 million have been invested in the local medicinal cannabis industry so far by private investors.

At present, more 120 Vincentians are permanently employed in cultivation, transportation, drying, packaging and other suck work in the industry, the minister pointed out.

Last year, St Vincent and the Grenadines exported 50kg of cannabis to Germany, and cabinet has since approved two other applications for raw cannabis material to the European market, and refined products to a Caribbean market.

Minister Gonsalves said these two shipments are expected to take place in the first half of this year.

Vincentians afflicted with certain types of ailments are also now able to access medical cannabis to treat their complaints, on prescription.

Five local pharmacies have been licenced to dispense cannabis-based medication and, the first local cannabis consumption lounge was launched in May last year.

The minister announced that the government has approved the distribution of 100 acres of land at Walliabou to 45 farmers, 39 of whom are traditional cultivators.

These lands will be handed over to traditional and root crop farmers early in 2023, he said.

The finance minister said the Medicinal Cannabis Industry will also collaborate with the Ministry of Agriculture to ensure that these farmers receive training and other support.

“The government remains optimistic on the potential of medicinal cannabis, to create jobs and spur economic growth in St Vincent and the Grenadines,” Gonsalves stressed.

A few weeks ago, head of the Cannabis Revival Authority, Junior “Spirit” Cottle told SEARCHLIGHT that returns from the Medicinal Cannabis Industry have not been as fruitful as expected for traditional cannabis cultivators as huge hurdles were preventing them from accessing international markets and they needed help to be able to meet export standards.