BVI projected to make a yearly minimum of $30M in marijuana exports
Government is projecting to make at least $30 million annually from the medicinal marijuana industry.
Premier Fahie gave that indication in the House of Assembly on Monday, June 22, while responding to public criticism that government “wants to make everybody high” from the drug.
But Premier Fahie informed the House that the BVI only plans to harvest the non-psychoactive properties of the plant.
“It’s a specific strain that we’re going to be growing to export. Could you imagine little BVI exporting and have an opportunity to make a minimum, if we do it right, $30 million? And that’s being very conservative from our projections,” the Premier said.
Responding to subsequent questions from our news centre, Premier Fahie further stated: “That’s a projection annually once we set up the industry in a timely manner and with accountable measures, as is the current trend by government.”
These measures will be outlined in the Cannabis Licensing Act of 2020 which has already appeared on the House of Assembly’s official schedule known as the order paper. The legislation will allow for medical marijuana to be produced and sold locally.
Approximately 100 Virgin Islanders will each receive a plot of land from government for the cultivation and production of medicinally-purposed marijuana in Paraquita Bay, Tortola.
“We have the opportunity to create a minimum of 100 jobs because we are gonna aim for the 50 acres of land and cut them up into half acres,” Fahie said.
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Hypocrisy
herbs is the healer of nations
He said he learned how to open his mind and mentioned cannabis in relation to the bible, and as a potential beneficial tool to persons sick with covid-19.
LOL. They could have made a far out headline with that material.
The reporters played it safe and didnt aim high.
They zeroed in on the money and missed the golden halfway shot for a easy lay up.
A brave unconventional move by our leadership but it is concerning that there is no mention of the harms of incarceration of responsible young & old adults for a healing plant.
Access to cannabis is often an essential service where it is legal in the time of Covid-19.
It is the last 15 minutes of the session you can all check it on youtube. He also said other things. But some how its all about the money which the news has chosen to focus on.
It would be good if the news can post details of the bill instead of sensationalism. Or even provide a bullet point list of the motions in each session many acts are being passed that are good and apparently not hot enough to make headlines.
This is an uneconomic scheme. You will be competing with big well capitalised marijuana farms onshore; where the sector is struggling as it is. Breaking the land into half acre plots will mean the unit cost of the product will be too high as there will be no economies of scale, and accounting for expenditure will be made harder.
You also said the change of traffic in Road Town would not work. You also said the Consumer Protection would never be a reality. You also said the regularization of persons who lived in the BVI for years and positively contributed as Belongers would never happen. However all those and more this VIP Government has accomplished. We believe that this Government will get this new industry going & it will be successful.
The traffic appears to be working
because there are NO SHIPS, NO SCHOOL and NOBODY IN THE GOVERNMENT COMPLEX but TIME WILL TELL
I don’t recall commenting on any of those three things.
As to medicinal marijuana cultivation I can’t see that any of the factors I raised can be disputed as being relevant as to whether the project is likely to be economically viable or not. For the reasons stated I don’t think will be, but that is only my opinion.
Why are your thumbs up and down buttons disabled so often?? Trying to control responses?? Please fix this once and for all.
well look VIP find the BVI Airways, in a couple years we would be asking “where our 7.2 mill” welp they may spend more, cause we talking about developing 50 acres here.
I never realized BVInews had a Comedy Section until today. Good stuff, keep it coming!
What about the topic that’s so comical, “LOL”?
Would love to to see the feasibility study and statistics on this subject. In reality, if it works, and is managed well, it will be good for our economy. However, I accept I’m definitely blind and ignorant on the matter, but even in that ignorance I am not as optimistic about it as the Premier.
Government is blowing smoke once again but this time they have the Ganja high. I have yet to see a government projection even close to reality. How’s the income from cruises ships? Even before Covid. How’s the projection on the financial sector? How about projected costs? Hmmm, hospital and pier park come to mind. These numbers are all but a dream. They are however great avenues to line your pockets if your in charge. This will not go well.
I would have agreed with you at one time with this government but they have proven over & over that they can get major things done for the people of the Virgin Islands. They have my support on this one.
Lol BVI….
Another hair brained, pie in the sky, get rich quick scheme. Take that figure, half it, then cut another 30-40% for corruption and graft and that’s what you’ll make.
Just like every other project, doomed for failure before it even starts. The list is long my friends. Very long.
Them could grow it but locking up people for it the system will always be for themselves
is morally wrong to be selling the ingredients of weed to the world while locking up your own people at home for it.
Undoubtedly, the CBD strain of cannabis is showing promising medicinal benefits. Consequently, many countries from advanced to emerging to developing are leaping to tap into this promising revenue stream. Can it be a new economic frontier? Nevertheless, though CBD( medical marijuana) is promising, it is not yet completely legal in many locales, including the USA. The US has authorized its use for limited treatments, eg, epileptic seizures. Confident that all BVI residents are excited about the projected $30M revenue stream that would help to improve economic diversification and lessen their burden cost in delivering services.
Nonetheless, on the other hand, given that the VI is tiny (59 square miles spread over 36 islands, islets, cays and rocks) with limited arable land among other factors and that the competition will be fierce, how will the VI differentiate itself and be competitive among the Goliaths?
The VI is not going to get any preferential treatment due to its small size. Sugar, banana….etc once had preferential treatment for Caribbean countries but that preferential treatment has been lost. The eroded preferential treatment means that the Caribbean producers now had to compete head to head with the Goliaths. Consequently, their sugar, banana…. …etc production declined.
Production geared mainly for export, sugar(true, the lost of preferential treatment is not the only factor that cause the decline of sugar production) has been read its last rites and banana is on life support. Is the VI overpromising on medical marijuana? Can the VI have a comparative advantage in medical marijuana production? What is the opportunity cost of medical marijuana production?
Elton, I have a lot of respect for you.
We can debate long into the bush and into the sunset how this will work, why it might work and if it will work.
However, let us expose the weakest link! The questions.
“How are we going to get paid?”
“Where are we banking this 30 million dollars?”
The problem, we are spending US currency, which is regularized at the federal level. At the federal level Marijuana has not be legalized. US companies producing the product are having issues getting the money banked. We are heavily dependent on US corresponding banking relationships, which a licensed at the federal level.
So which US corresponding bank will allow monies generated by what is essentially an illegal activity to pass through its banking system so that we can get paid?
@Ok listen, true, though CBD is promising it has not been fully legalized in the US. The Food and Drug Administration (FDA) has approved it to treat epileptic seizures in people suffering from Lennox-Gastaut or Dravet syndrome. True, Colorado and other states may be growing it and the Feds are looking the other way for now. Agree that banking funds traceable to marijuana could be problematic.
Society, its laws and enforcement of them are a farce, a scheme, a dillusion and a glaring example of high society hypocrisy.
On one hand, it creates laws that fines exorbtantly certain segments of the population, when found with the marijauana leaf matter.
On the other, society determines it good to plant and make millions from the same marijuana plant they are persecuting some members with huge fines and excessive jail terms for.
How hypocritcal is that? What messages are being reinforced into future generations minds? That hypocrisy is good especially when huge sums of money is available.
The plant has tremendous medicinal value evryone knows, thus the reason for its use over the centuries. Thus, the reason government is now inserting itself into the trillion dollar market, and rightly so.
Hence, it must now decriminalize the recreational use of the plant. It is only fair. Further, every race in Tola smokes weed, but only the Black youngster is ever arrested, fined and jailed. Why?
The laws have been and are still draconian and discriminatory and still are. Time has passed to get rid of them!
I am supporting this initiative 100%.
Once planned propely this will be huge.
Nothing in the BVI has ever been planned properly. EVER!!!
Even at the price the police value the drug when them confiscated it this is a lie, they would not even clear 1 million I can guarantee that! Give me the numbers ayo working with!
Where is the water the farmers at Paraquita Bay have begged for for years? Oopsie, we have a drought, nobody has water. Can’t fix stupid. Just one more colossal ridiculous money wasting venture. God is not pleased with the BVI. So taxi folks get money, drug guys get money, casino gambling folks get money, old NDP debts suddenly show up and are getting paid, but relief money for the laid off and fired, NOT HAPPENING? Trouble, and Sahara Dust covering the BVI.
In the wake of the complete control enforced on the population during the curfew and lock down here comes the medical marijuana scheme.I am beginning to wonder if there is a connection somewhere in this whole scenario.It would seem at least that Cannabis should be legalized for recreational use before medical cultivation begins. Can you imagine the vibes of the youth if this is implemented and we here marching against discrimination. The BVI needs leaders and not sniffer dogs running around at the scent (cent) of a dollar.
BVI used to make much more than that from shipment of other products in the 80s and 90s
Listen vincy given till the ppl them could make this and that.They only wabtvtge flower to make oil(Canadian buyers)and only offering 50$ a pound s o you need hundreds of acres.
use half of that in BVI medical services for cancer etc
It is legal for government to plant and export but residents get arrested for possession of it? The hypocrisy of it all..
That is a lie you talking. Be it was establish many said the route to drive in town is worthless. But since it started i dont see those long line of traffic back up. Thats putting someone as head of the minister and they actually know what to do in the portfolio given to them
Not a fan
But great job Hon.K Rhymer
No school no traffic bum
Will locals have access to this medicinal marijuana as well? Furthermore, while we’re at it we might as well just legalize it altogether. We have more bars than can be counted. Why is there no war against alcohol, which is actually much more harmful?
Where can we see the bill. Gambling passed and I dont know shoot about it but the man them got money on the table now haha they must have seen what I aint seen yet.
This will also boost the Surveillance Camera and Security Guard businesses. Will all Ganja farmers be required to have cameras and guards set up to ? Symbiotics is good.
recreational is the way to go, cafes, dispensaries etc