Mon | Dec 10, 2018

Medicanja going to market

Published:Wednesday | January 24, 2018 | 6:21 PMNeville Graham

JSE CAPITAL MARKETS CONFERENCE

Dr Henry Lowe is holding to the commitment to go public with his medical marijuana firm, Medicanja Limited.

“We are coming to the market in a few weeks,” he said at the annual Investments and Capital Markets Conference hosted by the Jamaica Stock Exchange.

Lowe said his biomedical research company has a high store of goodwill among members of the public and he wants to capitalise on that.

“We did a survey that showed that 78 per cent of Jamaicans support and approve what we’re doing. But what is even more interesting is that people have asked ‘how can we get involved?’ They are saying that they are not farmers or processors so who is going to champion their cause to get involved,” Lowe explained, as he committed to allowing small scale investors to come on board.

“In a few weeks you will see and we’re inviting you all to set aside a few thousand dollars, depending on what you can afford, so everybody can be a part of this venture,” he said.

Speaking later to the Financial Gleaner on the sidelines of the conference, Lowe declined to say who will be the lead broker or exactly when he will be releasing his prospectus. He said, however, that he has drafted in the necessary personnel and his company is ready for the float.

“We’ve just employed a top class accountant and a chief operating officer and we’ve put all systems in place and we’re ready to go,” Lowe said.

He would not be drawn on how much he wants to raise on the junior market but said the capital garnered from the IPO will be sufficient for Medicanja to increase production and satisfy growing demand.

The company has eight medical marijuana products approved by the Ministry of Health, with another three pending.

neville.graham@gleanerjm.com