(Photo Credit: Internet Source)
An investor has already indicated interest in purchasing the medical marijuana that the Territory is planning to cultivate at Paraquita Bay, as part of the soon to commence BVI medical marijuana industry.
The announcement of the potential buyer was made by Dr. the Hon. Natalio Wheatley, Minister for Fisheries and Agriculture during a public meeting that was held on November 27 at the Church of God of Prophecy. As he gave an in depth explanation of the plan government has for the medical marijuana business, the Minister stated that information circulating that it has to do with a certain company and its owner here, is false.
Hon. Wheatley explained that he has always embraced the legalization of marijuana and persons who know him prior to politics can attest to this. As it relates to the industry, he said that the wheel was pushed into motion when he met the investor during a visit to St Vincent and the Grenadines for an unrelated government matter.
The Agriculture Minister said that the buyer was in that Caribbean island where he has medical marijuana interest and during a random conversation shared his interest.
The Agriculture Minister said various conversations with said buyer revealed a business model that could prove lucrative to farmers interested in the industry. Hon. Wheatley said that the buyer said that he is not going to be doing the cultivation, but rather purchase the produce from local farmers.
“The particular model proposed was a model that I found quite useful because it was a model that would ensure maximum benefits to our local farmers. What [ the buyer] would do; he would not produce any marijuana. He might have a plot, what he called a test plot; but what he will do is set up farmers in the BVI and in the Seventh District because of course it will be happening in the Seventh District in Paraquita Bay,” the Minister explained.
Dr. Wheatley further mentioned that farmers who have access to land will produce the medical marijuana and the investor will buy it directly from them for a price that they would find pleasing.
“I won’t quote the numbers now but…even in the BVI has the potential to make several millions of dollars in a year,” the Minister stated. This injection of revenue the Minister added is timely for the Territory which is looking to diversify its economy.
The Minister for Natural Resources stated that at this time the Territory should not drag its feet. He said that it behooves the BVI to get into the industry quickly.
“It is seriously lucrative, the longer you take to get into it the less it would be because the market will become saturated,” the Minister stated.
He added, “The advantage we have right now is that the United States of America has not legalized it on a federal level as yet, just within the states. On a federal level when it is legalized it would become completely saturated. There will be of course an industry, but the price would be driven down by the over supply.”