ST. JOHN’S, Antigua and Barbuda, Friday, January 10, 2020 (CMC) – A Britain-based firm is promising to invest EC$65 million in growing hemp for medicinal purposes, according to an official statement, issued here.
Cabinet, earlier this week, met with three officials from the UK-based firm, FARMeceutica, on its plans to set-up an operation in Antigua and, according to a statement issued afterwards, the firm, which grows hemp for medicinal purposes, would invest US$20 million in the first year, “to build a huge warehouse and a specialized laboratory (and) would also hire about 200 workers, who would be trained on equipment that would also be imported”.
The statement said that the “investment would grow to $65 million in five years and employment would double in that period”.
“Hemp differs from cannabis in that it lacks the THC or the psychotropic substance that gives the feeling of a high. However, hemp is very useful in the manufacturing of medicines. The firm is to submit a proposal that details its planned program in Antigua,” the statement noted.
It added that the three officials left the meeting “with assurances that their proposal is exceedingly likely to receive the approval of Cabinet, after the mandatory vetting by the Authority”.
The statement noted that both hemp and cannabis were made lawful under Antigua and Barbuda law, more than one year ago.