A Canada-based investor has predicted that medical marijuana could rake in hundreds of millions of dollars over the years for Saint Lucia in taxation and other duties .
Gastrointestinal Physiologist Doctor Ronald Stead is planning to develop a company here to extract cannabinoids from cannabis.
Stead told reporters Thursday that the cannabinoids will be converted into medicines, initially to ease irritable bowel syndrome.
He explained that he framework for the proposed company is already in place and legal documents are now being prepared.
Stead said the idea is to develop a consortium to make marijuana derived products here.
“We have had some very good support at the senior levels of the economy,” he disclosed.
But Stead declared that the marijuana initiative was not moving along as quickly as the investors would like.
He said moving to Saint Vincent which is further ahead on the marijuana issue than Saint Lucia would seem to make sense.
But he said he and his colleague investors have more experience with Saint Lucia.
Stead said they have been coming to Saint Lucia for some 20 years and feel ‘more comfortable’ here.