Cannabis Unit advises entrepreneurs to get business plans ready

The Ministry of Agriculture – Cannabis Unit is urging persons
interested in getting involved in the medicinal cannabis industry to
get their business plan together.

Head of the Cannabis Unit, Dr. Shantal Munro-Knight called for persons
to treat this industry like any other industry, noting that there was
already interest in the export market for Barbados.

However, she added that while the Barbados Medicinal Cannabis
Licensing Authority, when launched, will help to facilitate in
engaging those participating in the industry, “that each business must
take responsibility for doing its own kind of market research and make
sure that it can reach the necessary standards in order to penetrate
that regional and international markets.

“The Cannabis Unit has already looked at markets and the respective
requirements and we will be sharing information in relation to the
necessary standards and requirements. But we cannot commit to any
guarantees for you. As a business you will have to compete not only
with other businesses in Barbados but across the region as well in
relation to getting your product into the market.”

Dr Munro-Knight was speaking to more than 100 participants who
attended the recently held Ministry of Agriculture – Cannabis Unit’s
virtual Farmers’ Forum.

She also explained that while investment into the industry will be
capital heavy, that small farmers and entrepreneurs can certainly
carve out opportunity, adding that one way is by working together as
groups as the industry opens up and expands.

“We shouldn’t think as soon as day one we are going to have the
capacity to participate in the regime at the same level. There will be
a period of learning, there will be a period where will have to gather
investment, put the coppers together, see what the best ways are and
learn the lessons. Therefore, we must give ourselves time,” Dr
Munro-Knight said.

“It doesn’t mean that because a big investor or two comes that the
whole industry will become monopolised. It’s a growth spectrum. The
industry will expand, and it will contract, and we will have to be
able to look for the opportunities to be able to participate. Even if
you start to participate as a worker it doesn’t mean that you have to
end up there.”

She continued: “We must look at the full value chain. The industry
isn’t just going to need cultivators who grow, it’s not just going to
need people working extraction – the industry will need lawyers,
consultants, service providers, people who are doing marketing and
advertising, we will need drivers, security. We will need a whole
spectrum of people to be involved in the industry. There is a license
category for transportation...there is nothing that prevents two or
three small businesspersons getting together and say let’s invest in
transport vehicles that we will outfit to transport cannabis.

“So, I hope that we are not being fatalistic about this industry.
Let’s look at the opportunities that might be available if not from
day one, certainly as the industry grows and expands,” she said.