Local companies get licences to operate in medicinal cannabis industry

Two local businesses, Amalgamated Security Services (Barbados) Limited and Island Therapeutics Inc., have been granted approval to operate in the medicinal cannabis industry, the Barbados Medicinal Cannabis Licensing Authority (BMCLA) has announced.

Amalgamated Security Services has been given a licence for transport while Island Therapeutics was granted a total of six licences – Cultivator-Tier 1, Processor-Tier 1, Retail Distributor, Transport, Import, and Export.

This brings to nine the number of local businesses approved to date to participate in the local medicinal cannabis industry, with a combined 25 licences.

“The Barbados Medicinal Cannabis Licensing Board (BMCLB) approvals bring us one step closer to expanding Barbados’ legal medicinal cannabis marketplace,” said Acting Chief Executive Officer Senator Shanika Roberts-Odle in a statement on Tuesday.

“We are now able to create an important medicinal cannabis supply chain – from the creators in cultivators who grow the plant and the processors, who take that raw material and transform it into tested, consistent, high-quality products that patients can trust.”

She continued: “We also now have businesses approved to build a system that can import planting materials for cultivators to grow legally, and businesses that soon can transport that plant or the final product from point A to point B.

“We have businesses that will soon be able to buy the local medicinal cannabis plant or locally produced final product to export it outside these shores legally or sell to businesses here that can buy that final product for their therapeutic facilities where patients can go, purchase from the pharmacy in the therapeutic facility and consume it there while enjoying a health and wellness spa-type environment.”

Roberts-Odle said that, holistically, Barbados’ entire medicinal cannabis ecosystem can now move towards creating a market, job opportunities, and entrepreneurship.

The first set of businesses and licenses approved by the BMCLB was in July 2022.

(PR/BT)