Ganja company Marigold Projects Jamaica Limited is signing on as a sponsor of the Peter Tosh museum at the Pulse commercial complex, and will also open a herb house at that venue.
Marigold’s herb house is expected to be operational by July, sources say.
“Marigold will rent space from the Pulse Complex and sponsor the museum. We welcome them,” said Chairman of Pulse Investments Limited Kingsley Cooper on Tuesday. “Pulse intends to act as a landlord rather than to have any ownership of the operational side of the herb house,” he said.
The herb house initiative was disclosed in market filings overseas by Scythian Biosciences Corp, which is in the process of finalising the acquisition of Marigold Acquisitions Inc, a company that holds a 49 per cent stake in Marigold Projects Jamaica. The acquisition is subject to regulatory approval from the TSX Venture Exchange and Jamaica’s Cannabis Licensing Authority (CLA).
SUBJECT TO CLA APPROVAL
“Marigold is set to establish its first medicinal cannabis dispensary and herb house at the Peter Tosh Square, home of the Peter Tosh Museum at the Pulse Centre in New Kingston. As the exclusive cannabis sponsor, Marigold’s branding will be showcased in the world-renowned museum,” said Scythian in its filings to the Toronto, Frankfurt and Nasdaq exchanges this month.
The opening of the herb house remains subject to CLA approval, added Scythian.
Pulse told the Financial Gleaner that herb house would be located in a separate section of the complex and “not within the museum”. The details of the sponsorship agreement with Marigold were not disclosed.
The museum, which opened its doors in October 2016, contains key items and memorabilia honouring the life and work of the late Peter Tosh, an original member of The Wailers. The museum is a collaboration between The Peter Tosh Estate, Pulse Investments Limited, and Andrea Marlene Brown.
“We are honoured to provide the highest quality cannabis products to such a distinguished institution focused on recognising a beloved Jamaican musician who championed the cause of legalising cannabis,” said Scythian CEO Rob Reid in the market filings. “We look forward to helping his legacy live on through our commitment to furthering medical marijuana research and expanding access to cannabis in the future.”
Marigold holds five conditional cannabis licences from the CLA, related to cultivation, processing, selling, therapeutic or spa services, and R&D activities, according Scythian’s filings. The CLA itself has said it does not disclose the names of conditional licensees until the licences are issued.
Scythian also said Marigold is working with the University of West Indies to develop and test products derived from high cannabidiol cannabis sativa strains to establish their efficacy in treating diabetes, hypertension, pain and other ailments.
By: Steven Jackson