Business
Caribbean cannabis growers eye budding domestic sales and exports
Gemma HandyBusiness reporter, St John’s, Antigua
Gemma HandyRub the leaf and inhale the fragrance, Michaelus Tracey is saying.
The musky scent of this cannabis plant is distinctly different from the citrusy aroma of another that he is also holding.
To the untrained eye, the neat rows of flowering cannabis crops in front of us are indistinguishable from each other.
Yet master cultivator Tracey can identify the separate varieties by their smell and the shape of their leaves.
Nine strains are being grown here at Pineapple Road, a farm deep in the countryside on the Caribbean island of Antigua. The warm temperatures, abundant sunshine, and high humidity make this prime territory for growing the plants.
Intense trials were conducted to produce the various strains, Tracey explains. “We wanted different flavour profiles as well as different effects, but all with a medicinal value – something to help you relax, something to give you more energy, more pain relief, less anxiety.”
Gemma HandyLast year marked a decade since Jamaica decriminalised the recreational use of cannabis and legalised its production and sale for medical reasons. Several other Caribbean nations, including the twin island country Antigua and Barbuda in 2018, have since followed suit.
Smoking cannabis is emblematic of Caribbean culture, to the extent it has become a cliché. But while the region’s affection for the plant is well documented, its status as a leader in the field is less so.
Today the region is home to a plethora of legally registered cannabis farms and medicinal dispensaries, where both locals and tourists can purchase the drug if they have a valid medical authorisation card.
Yet Prof Rose-Marie Belle Antoine, an expert on the cannabis industry in the Caribbean, believes there needs to be further liberalisation.
“Decriminalisation isn’t good enough,” says Antoine, a former chair of the Caribbean Community’s Regional Commission on Marijuana. “We should just make it legal but regulated.”
Antoine is campus principal at the University of the West Indies in Trinidad, where researchers are due to start studying various potential benefits of cannabis.
Areas tipped for study range from alleviating the side effects of cancer treatment, to how the plant can boost agriculture by improving soil health. The research will take place in Antigua, where legislation is more progressive.
The work offers “a lot of potential”, she says, but adds that legalisation would make life easier.
“The Caribbean is a leader in cannabis, in terms of strains and knowledge, and it has a long tradition of this. But legalities, the ‘war on drugs’ and all that nonsense, stifled not just the industry, but research and development,” says Antoine.
Some in the region hope that US President Donald Trump’s executive order in December to reclassify cannabis as a lower-level drug will benefit the Caribbean.
“It’s a significant milestone,” says Alexandra Chong, chief executive of Jamaica-based business Jacana, which sells a range of products derived from cannabis, from extract oil drops to skin cream.
“So much US public policy gets filtered down to the Caribbean,” she says. “Because cannabis was classified as a schedule one drug alongside heroin in the US, regulatory bodies across the Caribbean have not been as bullish with [reducing] regulation.”
Chong adds that the US reducing cannabis to the lower schedule three level, which also includes combined paracetamol-codeine tablets, was “far more appropriate”.
The White House lowering the classification of cannabis may mean that in the future Caribbean nations can export the drug to the US for recreational use.
However, the importation of such cannabis into the US is currently still illegal under federal law. This is despite 24 US states having now legalised the use of the drug recreationally.
Producers in both Jamaica and Antigua are keen to start legally exporting the drug. Jamaica’s Cannabis Licensing Authority says it “has put in place interim administrative procedures to facilitate the export of ganja by licensees that hold a valid import permit from the country that the product will be exported to”.
Meanwhile, Antigua and Barbuda’s Medicinal Cannabis Authority is working hard to develop a cannabis export industry. “We already have the legal framework in place, a prime geographical location and an international airport,” the body’s chief executive Regis Burton tells the BBC.
He says it’s “highly likely” that Antigua will eventually be able to export its products, not least for the novelty value. “Very few people can say they’ve tried Antiguan cannabis,” he adds.
JacanaDomestically, high overheads in both Jamaica and Antigua and Barbuda – and rules that limit the sale of cannabis to people with medical approval – are said to be leaving most of the market to illegal producers.
Jacana estimates that more than 800,000 people a year in Jamaica use cannabis, of whom half are tourists. But that 90% of the 87 tonnes of the drug consumed per annum comes through illicit channels.
Chong adds that “over-regulation has strangled the industry. Over time it’s got easier, but it’s by no means perfect”.
She says that due to these problems, she estimates that of the 160-plus licences of various categories granted by Jamaica’s Cannabis Licensing Authority between 2017 and 2024, “very few” are still in operation.
In Antigua, Robert Hill, a consultant to the industry, says: “It’s still more profitable to import cannabis illegally. Unlike dealers, private companies have staff and bills to pay.”
Currently the island has just six cannabis farms, four dispensaries and a cannabis lounge, where people can smoke on the premises. At the same time, Antiguan authorities intercepted 45kg of illegally imported cannabis in just 24 hours back in September.
Meanwhile, Antigua has been innovative in its approach to domestic illegal growers. Instead of prosecutions, violators were invited to take part in a free six-week course to teach them how to enter the market legally.
“Twenty-two have already graduated, with two soon to transition to a medicinal business,” Burton tells the BBC. “The industry won’t be successful if the illicit market does as it pleases.”
The continuing liberalisation of cannabis across the Caribbean is also said to be having a positive impact on social justice for one community in particular.
In 2018, Antigua’s Prime Minister Gaston Browne issued a formal apology to the country’s Rastafarians, for decades of historic persecution, stigma and abuse over their cannabis use. Six years later, the government granted Rastafarians official sacramental authorisation to grow the plants.
And last summer, it announced plans to expunge the criminal records of people previously prosecuted for possession of small amounts of marijuana.
Gemma HandyBut for High Priest Selah, of Antigua’s Nyabinghi denomination of Rastafarians, memories of the harassment he and others once suffered still linger.
“The police were always coming and locking us up, destroying our plants, tarnishing our name and embarrassing us in public,” he recalls. Campaigners from his community played a major role in getting the plant decriminalised.
Back at Pineapple Road, two employees are carefully hand-rolling joints, each one containing a gram of pure marijuana, for sale in the company’s dispensary.
Burton hopes more local growers will get on board and keep the industry’s proceeds in Caribbean hands.
Hill agrees. “We have the ability to compete with much bigger countries thanks to our climate which reduces costs,” he says, adding: “We’re not trying to create an Amsterdam, this is about wellness.”
Business
Vets to be legally required to publish price lists and cap prescription fees
Vets will be legally bound to prescription fee caps and publishing price lists among new measures which will start coming into force later this year, the competition watchdog has announced.
The Competition and Markets Authority (CMA) said its final reforms for the sector will help pet owners better navigate the vet services market.
Other legally binding measures will include a price comparison website and mandatory branding by the large groups to boost competition and drive down prices.
The CMA said pet owners using a vet practice that is part of a larger chain can expect to see changes before Christmas, including standard price lists.
The measures follow the CMA finding that fees have risen at almost twice the rate of inflation, with pet owners not being given enough information about their vet and the prices of treatments.
Martin Coleman, chairman of the independent Inquiry Group, said: “This is the most extensive review of veterinary services in a generation, and today’s reforms will make a real difference to the millions of pet owners who want the best for their pets but struggle to find the practice, treatment and price that meets their needs.
“Too often, people are left in the dark about who owns their practice, treatment options and prices – even when facing bills running into thousands of pounds.
“Our measures mean it will be made clear to pet owners which practices are part of large groups, which are charging higher prices, and for the first time, vet businesses will be held to account by an independent regulator.
“Our changes put pet owners at the centre but also help vets by enhancing trust in the profession and protecting clinical judgment from undue commercial pressure – and that is important to ensure our pets continue to get the best care.”
The CMA said practices must publish a comprehensive price list for standard services, including consultations, common procedures, diagnostics, written prescriptions and cremation options under its new rules.
Prescriptions – for which “many” practices charge £30 or more for each – are to be capped at £21 for the first medicine and £12.50 for any additional medicines.
Practices must also provide a written estimate in advance for any treatment expected to cost £500 or more, including aftercare costs, as well as an itemised bill.
Emergency care will be the only exception for written estimates.
Prices and information about who owns the surgery are to be made available to pet owners through the Royal College of Veterinary Surgeons (RCVS) ‘Find a Vet’ service, which will share the data with third-party comparison sites.
Vet businesses must make it clear whether they are part of a group or an independent business, with details of group ownership to be displayed on signs at the surgery and online.
British Veterinary Association president Rob Williams said: “The majority of the CMA’s measures focus on increasing transparency and information, which will help pet owners make more informed choices and support competition, which is a really positive step.”
He added: “Delivering highly skilled veterinary medicine is costly and whilst we recognise prices have risen sharply in recent years this is due to a number of factors, including the higher costs all businesses are experiencing – and vet practices are not immune.
“Plus, thanks to advances in diagnostics and medical technology over the last 20 years, vets can now do much more to manage disease and injury in animals, whereas in the past the only option available may have been to euthanase.
“Owners today also have a greater expectation of their vet, with many expecting human quality healthcare for their pets and whilst this is possible to deliver, it comes at a cost.”
Business
Gold price prediction today: Pressure on gold prices to continue on March 24, 2026 amid US-Iran war? Check outlook – The Times of India
Gold price prediction today: Gold prices are likely to remain range-bound in the near future, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan
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Business
Estée Lauder is in talks to merge with Puig amid ongoing turnaround plan
An Estée Lauder pop-up store is seen inside a Daimaru store on Nanjing Road in Shanghai, China, Aug. 6, 2021.
Costfoto | Future Publishing | Getty Images
Estée Lauder Companies said Monday that it is in talks with Spanish beauty group Puig to potentially merge the two companies.
“No final decision has been made, and no agreement has been reached,” Estée Lauder said in a statement.
Shares of the U.S. beauty company were down nearly 8% following the news, which was first reported by the Financial Times. Puig’s stock rose roughly 3%.
Puig owns major beauty brands including Charlotte Tilbury, Jean Paul Gaultier and Rabanne. The companies did not disclose any financial details of the potential deal.
Estée Lauder has been struggling amid ongoing headwinds from tariffs and its restructuring as it enacts its “Beauty Reimagined” turnaround plan to revitalize the business. In its second-quarter earnings report last month, the beauty retailer said it’s expecting a $100 million hit to its full-year profitability due to tariff impacts.
Estée Lauder’s stock has dropped roughly 25% this year.
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