Category Archives: Money

Kronic Relief Eyes US $20 Million Ganja Haul

Kronic Relief Jamaica is eyeing March to May of next year to begin reaping cannabis at its Crystal Springs farm, which it expects to yield one metric tonne per week.

But CEO Steven Conville says that that is just the starting point. The company, which says it has seven provisional licences approved by Cannabis Licensing Authority ranging from planting to export is entering the ganja market as a raw material supplier but aims to eventually build itself into a vertically integrated medical cannabis operation, spanning research and development, production, and extraction.

The Crystal Springs property is now being readied for planting, a process that includes clearing land to erect a growing facility, fencing of the property, and mounting cameras as a security measure against praedial thieves.

“We’re doing a hybrid greenhouse structure, and we’ll be able to crank out 50 metric tonnes of cannabis every year, but it will be of a higher quality,” said Conville of the US$20 million investment being made in the project.

The hybrid greenhouses will use light enhancement, LEDs, that come on at dusk, go off at night, back on at early morning, and complementing natural light in overcast conditions.

Kronic Relief projects that the annual 50 metric tonnes of cannabis it produces will generate revenue of US$20 million, according to the CEO. This covers ‘flower only’. Any revenues from further processing would be additional, but no estimate has been done, he said.

Sales will be targeted at Canada, at least in the first instance, since that country will be legalising cannabis for recreational use come October 2018.

Conville say that is in Jamaica’s interest to grow high-quality cannabis to gain a comparative edge over other countries with the capacity to develop bigger fields, including places like Colombia.

As to financing, and the reluctance of the banks to engage, Corville was optimistic that eventually, a more favourable environment would unfold, given the foreign participation in Jamaica’s cannabis market.

“We believe that the top five Canadian commercial producers would not be on the island if they weren’t sure that the Canadian and Jamaican governments would be able to work it out,” Conville said.

Source: The Gleaner

 

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Jamaica’s Central Bank to Solve Cannabis Bank Issues

Marijuana Business Daily

Jamaica has asked its central bank to find a solution to banking issues that are tripping up development of the country’s medical cannabis industry. Daryl Vaz, minister without portfolio in the Ministry of Economic Growth and Job Creation, said the government considers medical cannabis a potential catalyst for the country’s struggling economy, the Jamaica Observer reported.

“The whole issue of banking arrangements, formal banking arrangements, has to be addressed,” he said. Vaz said MMJ companies are excluded from the formal banking sector because of existing laws and banking regulations.

He made the comments at the launch of Kronic Relief Jamaica, a new medical marijuana company that received seven licenses from the Cannabis Licensing Authority.

Henry Lowe, a scientist and cannabis researcher, warned that Jamaica was in danger of “missing a great opportunity” presented by cannabis.

Jamaica passed the “Ganja Law” in 2015, which made possession of 2 ounces or less of cannabis a ticketable offence. The law also legalized possession for medical or therapeutic purposes.

 

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Jamaican Government Seeks To Help Cannabis Industry – Steven Conville

Jamaica Observer

The Government has asked the Bank of Jamaica to find a solution to the banking difficulties that have been hampering development of the medical cannabis industry.

This development was shared last Wednesday by Daryl Vaz, minister without portfolio in the Ministry of Economic Growth and Job Creation, who said the Administration regards the burgeoning medical therapeutic cannabis industry as “a serious industry for growth in the economy”.

According to Vaz, the exclusion of players in the medical cannabis industry from the formal banking sector was a result of existing laws and banking regulations.

“We, as a Government, realise that to get to the true potential of this industry, which is a gigantic industry, the whole issue of banking arrangements, formal banking arrangements, has to be addressed,” he told guests at the launch of Kronic Relief Jamaica Ltd, the newest entrant to the medical therapeutic industry.

The event, held at Eden Gardens Wellness Resort and Spa on Lady Musgrave Road in Kingston, celebrated the company receiving seven licences from the Cannabis Licensing Authority to begin operating in Jamaica.

Kronic Relief Jamaica was founded by CEO Steven Conville and plans to build a 250,000-square-foot growing and processing facility which, the company said, will employ hundreds of people. Ground for the company will be broken later this year. In an impassioned address, Conville, a naturalised Jamaican who was born in Canada to Jamaican parents, spoke glowingly about his heritage and what led him to invest in the country.

He outlined his vision for the company, the overall local industry and for positing Jamaica as a cannabis-producing leader on the world stage.

In thanking his friend and mentor Dr Henry Lowe, renowned scientist and cannabis researcher, Conville appealed for unity among all stakeholders in realising the potential of this industry.

While agreeing with the assessment regarding the challenges facing the industry, Conville offered some positive insight about the current state of affairs: “We are moving in the right direction, in terms of a national perspective on cannabis including even first world powers such as the United States.”

He said Jamaica should be a major global player for cannabis production going forward, as the island is already perceived as a leader in cannabis production.

In his address Dr Lowe echoed the sentiments regarding the current fetters to the development of the medical cannabis industry and bemoaned the current level of bureaucracy facing the industry.

He warned that Jamaica was in danger of missing a great opportunity presented by cannabis.

Aaron Ali, Kronic Relief Jamaica’s head of horticulture, gave the audience a brief scientific overview of the company’s cannabis-growing practices and how it intends to develop various high-quality products.

The company, in a news release, said that regular updates on its progress will be posted on the KRJ website: kronicreliefjamaica.com.

5 Negotiating Tips

Check out these 5 negotiating tips that will get you closing deal after deal in no time!

1. Preparation is key. Before going in, do your research. Know your worth, and come in with a figure in writing. Don’t be afraid to say no and always be sure to follow up with a thank you, even if the outcome isn’t what you had in mind.

 

2. Know your worth. Apple’s founding father, Steve Jobs, understood the importance of his worth–and, as a result, he was damn good at negotiating. In fact, Jobs’ conversations with publishers laid the business foundation for the e-publishing industry.

 

In “5 Negotiation Tips From Steve Jobs,” Inc. examines a now highly controversial email exchange between Jobs and then HarperCollins publisher James Murdoch, the son of media mogul Rupert Murdoch and COO of 21st Century Fox. Though his methods were questionable, Jobs recognized the importance of value–both positive and negative–to every possible outcome of a negotiation. He also knew that if he caved on price, other publishers would find out and expect a similar deal. So, he held his ground.

 

3. Know when to act–and when not to. Inc. contributing editor Geoffrey James once earned $18,000 in 7 seconds. How? By keeping his mouth shut.

 

“When you just say nothing, it puts the other person in a panic,” says James. “Eventually, the other person will up the offer to the higher number, if only to end the silence.”

 

If only being silent could work in every conversation. When you have to speak, make sure to avoid the mistakes offered in this piece, “5 Things to Never Say While Negotiating.” In this guide, former Inc.com editor Mike Hoffman writes that “often, the moment you get into trouble in a negotiation is when something careless just slips out.”

 

4. Avoid compromising. Like Jobs’ refusal to budge on price, you should go into a negotiation with just one end goal–and whatever you do, don’t compromise.

 

Linda E. Ginzel, Clinical Professor of Managerial Psychology at the University of Chicago Booth School of Business shares her methods on how to “Negotiate Like a Boss.”

 

“Use compromise as a last resort, not as a goal,” says Ginzel. “Build trust, share and assess priorities. Ask lots of questions about interests and listen carefully. Provide information, avoid unilateral concessions and ask for reciprocity.”

 

5. Keep non-verbal cues in check. While words are important for any negotiation, don’t forget about extra-verbal communication too. Keep these “11 Body Language Essentials for Your Next Negotiation” in mind.

 

Negotiating tips