Bahamas readies for first cannabis company applications

 



Newsamericasnow.com indicates that the Bahamas is poised to start accepting applications for cannabis operations, following the passage of legislation passed last year, which regulates cannabis for medicinal, religious, and scientific purposes, establishing a structured licensing system for cultivation, retail, and research.

The news source comments, “The law also allows for the religious use of cannabis by Rastafarians.”

Quoting attorney at law Ryan Pinder, it was noted that the Cannabis Authority’s board has been established and is working to implement the necessary controls, technology, and processes to issue and regulate licenses.

According to data source statistica.com, the Caribbean is expected to see revenue in the Cannabis market reach US$328.45 million in 2025.

This revenue is projected to show an annual growth rate (CAGR 2025-2029) of 1.09 per cent, leading to a market volume of US$343.05m by 2029.

Statistica states that, when compared globally, the United States is anticipated to generate the highest revenue (US$45.35bn in 2025).

“In terms of per person revenues in 2025, US$488.54 are generated based on total population figures. The Caribbean cannabis market is experiencing a surge in investment opportunities, attracting attention from global cannabis companies seeking strategic partnerships,” the data source concluded.

Pinder, according to americanewsnow.com the authority in the will start accepting applications for licenses by the end of the second quarter.

Jamaica, the leading Caribbean market is expected to see its revenue in the Cannabis market reach US$44.38m by 2025 according to Statistica.

The revenue is forecasted to demonstrate an annual growth rate (CAGR 2025-2029) of 2.93 per cent, leading to a market volume of US$49.82 million by 2029.

Statistica says that “Jamaica's cannabis market is blossoming with a vibrant culture of Rastafarian influence, offering unique strains and products to entice both locals and tourists.”

Photo source: asq.int.th

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