IOS Partners and IOSsoft are currently working on the Design, Development and Implementation of Phase Two of the National Business Portal project in Jamaica, which involves the development of a one-stop shop business portal for a group of government entities in Jamaica. One of these entities is the Cannabis Licensing Authority (CLA), a Ministry of Industry, Commerce, Agriculture and Fisheries agency established in 2015 under the Dangerous Drug Amendment Act (DDA) with a specific role to establish and regulate Jamaica’s legal marijuana industry.
The CLA has the following mandate:
- To create regulations to guide the development of an orderly legal marijuana industry in Jamaica, for the use of the plant and its by-products for medical, therapeutic and scientific purposes.
- To ensure that regulations created and activities within the industry are in keeping with Jamaica’s international obligations
- To issue licenses, permits and authorization for the handling of marijuana.
According to a report by Grand View Research, the global legal marijuana market size is expected to reach USD 66.3 billion by the end of 2025. The increasing legalization of marijuana and its use in medical and recreational purposes are two major factors pushing this worldwide growth.
In the medical field, the adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, Parkinson’s disease, Alzheimer’s disease, arthritis, and other neurological conditions is anticipated to drive demand for medical marijuana in the forthcoming years. The need for pain management therapies and the growing disease burden of chronic pain among elders is also expected to boost demand.
The legalization and decriminalization of marijuana in multiple countries has led to a significant decrease in the black market, as people are resorting to legally purchasing cannabis for medicinal as well as recreational use. The governments that have gone on this path see marijuana as an additional opportunity to earn revenues and decrease budget deficits. The legalization of medical marijuana in U.S and Canada, as well as the presence of a large customer pool in these countries, is expected to provide an essential target market for countries like Jamaica.
The IOS team is ready to provide the necessary expertise and services in this field, ranging from business and financial planning, to the development of State Cannabis Permitting Portals and licensing. According to IOSsoft’s Director of IT, Mr. Pedro Souss, “The legalization of the cannabis industry is a big opportunity for the economic development world. As consultants, we must seize this moment and be at the vanguard of establishing good business practices in the field so that the governments perceive as a reliable source of sustainable economic growth”
