(PRESS RELEASE VIA SNO) – Jamaican company Global Canna Labs (“GCL”) is pleased to announce a US$1M investment through its partners LGC Capital (“LGC”) via a convertible note into Zimmer & Co. Limited (“Zimmer”).
The capital will be used to finance Zimmer’s expansion and accelerate its plans to distribute quality health and wellness products in Jamaica and the rest of the Caribbean, as well into Colombia, Mexico, Canada and throughout Europe.
Zimmer is a Jamaica based health and wellness distribution company with its offices in Montego Bay. The company has received its pharmacy wholesale distribution license which permits legal sale to pharmacies, doctors and hospitals on the island. The company currently distributes a portfolio of just over 50 hemp-based CBD products ranging from oils to skincare.
Since commencing sales a few weeks ago, the company has quickly established itself as a key player in the burgeoning Jamaican market with sales into over 50 of the leading pharmacies on the island for its portfolio of approved products. Zimmer has emerged as a dominant player in this new category and currently has distribution agreements representing 50 of the 61 products that have been approved for sale in Jamaica.
Global Canna Labs is one of the leading medical cannabis companies in Jamaica, having recently been granted its full Tier 3 operator’s licence on its 270,000 square foot facility in the heart of Montego Bay, Jamaica. The Tier 3 licence is the largest issued license by the Jamaican Cannabis License Authority (CLA). GCL is backed by Canadian listed LGC Capital Limited.
Zimmer CEO, T’Shura Gibbs believes that the medicinal cannabis market holds tremendous potential for the Caribbean nation: “As the industry evolves, we welcome the significant job creation and economic value that will be derived. I am excited about this tremendous opportunity with GCL. This collaboration does not only bode well for our growth and development as an organization, but it allows us, in partnership, to move Jamaica directly into the critical finished goods segment of the industry where we can manufacture products in Jamaica and export globally. The ‘Made in Jamaica’ brand is very strong, and we feel that this particular partnership combining quality Jamaican products with established, world-class formulations that have been approved in a number of key global markets affords us a tremendous opportunity.”
The investment will facilitate Zimmer’s business expansion into new markets and retail points while providing access to additional products through its distribution channels. As a local producer this will afford GCL an additional revenue stream, directly into finished products via Zimmer’s product portfolio.
Global CEO, Paul Glavine: “This is a strategic partnership that will help GCL push its future product line throughout Caribbean and Central American countries as the industry rapidly develops. It allows GCL to focus on producing safe and secure products while Zimmer safely distributes and delivers the products to the end consumers.”
Owen Ellington from Global said: “This new partnership with Zimmer will afford us direct entry into the value chain of finished products and provide both companies with new sales revenue streams for ‘Made in Jamaica’ products.
Zimmer has an impressive portfolio of high-quality products and we are excited by this partnership and the opportunity to incorporate our oils into these and other finished goods they will be distributing. This partnership provides an additional growth opportunity for GCL which translates into more jobs in Jamaica and contributes positively to the Jamaican economy, especially in agriculture and manufacturing sectors and allows us to increase productive growing capacity.”