St Kitts and Nevis set to enter the Global Medical Cannabis Market

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St Kitts and Nevis took a monumental step in 2020 by introducing the Cannabis Act, which became an important feature of Prime Minister Terrance Drew’s Budget Address for 2024.

In his speech, Prime Minister Drew highlighted the fact that the global market for medical cannabis and artisanal hemp products is massive and continues to expand at an impressive rate. It also presents an opportunity to St Kitts and Nevis, as well as the entire Caribbean region on the whole.

He laid emphasis on the idea that St Kitts and Nevis must continue to explore and avail new opportunities in global markets and participation in the medical cannabis market could be of significant benefit to the nation, providing great economic progress in the future.

According to reasonable estimates, the market for quality medical cannabis is growing significantly. It is estimated by industry experts that the market capped at US$ 9 billion in 2020 and conservative estimates state that by 2028, it will expand to an impressive US$ 49 billion.

With that in mind, PM Terrance Drew believes that the Medical Cannabis Authority of St Kitts and Nevis, equipped with the values and principles of empathy, efficiency and equity, can prop up an industry that focuses on a holistic approach, rather than focusing only on profits.

Thus, one of the key tenets of this initiative is to holistically promote health and wellness in people while also aligning with the nation’s environmental and economic goals.

According to Prime Minister Drew, this aim is what prompted a high-profile delegation from St Kitts and Nevis to visit the Southern Institute for Medicinal Plants, a division of Southern University and A&M College in Baton Rouge, Louisiana.

The delegation consisted of dignitaries like Dr Garfield Alexander, Chief Executive Officer of the Cannabis Commission in the Ministry of Agriculture; Dr Machel Emanuel, Professor at the University of the West Indies, Mona Campus, Jamaica; and Dr Hadiya Claxton, Special Envoy for Investment, Development, and International Business Relations.

Their task was to interact with experts in the field to gauge their perspective on the goals St Kitts and Nevis is attempting to achieve in the Medical Cannabis Industry, while also establishing a fruitful equation in the process.

The Minister of Agriculture, Samuel Duggins, also led a delegation in September 2023, aiming at enhancing collaboration and exchanging knowledge on the research and benefits of medicinal plants, with a particular focus on cannabis.

Most of the conversations during this visit centred around innovative techniques for wildlife management to safeguard crops and address challenges faced by the industry.

With this in mind, Prime Minister Drew said the following during the Budget Address, “St. Kitts and Nevis looks forward to leveraging the expertise of Southern University, a trailblazer in the field, to advance research, innovation, and the application of medicinal cannabis for the benefit of both nations.”

Thus, the intent of Prime Minister Terrance Drew and his government is to establish a Medical Cannabis industry in the nation, which aims at providing the best cannabis and hemp products available on the international market.

In the process, the government aims to raise the profile of St Kitts and Nevis, to levels which can help the nation establish itself as one of the premier cultivators and manufacturers of high-grade medical cannabis products and bring these products to the world.

This is also expected to expand the nation’s economic profile significantly, creating multiple jobs and bringing additional capital to St Kitts and Nevis.

A salient feature of this initiative is the fact that it will establish an industry that isn’t preexisting in the nation. Since the industry will be a novel one, its will bring significant economic progress to St Kitts and Nevis, while also establishing new jobs that will ease the burden on the job market.

George Henry
George Henryhttp://writeups24.com/
George Henry, a distinguished graduate of Columbia University, pursued his passion in Economics with outstanding academic achievements. George found his calling in journalism, aiming to raise awareness regarding geopolitical and socioeconomic issues. He is recognized for having a keen interest in international geopolitics, sports and women's rights. To reach George, you can email contact@writeups24.com

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