UTech, Jamaica 2015-16 Annual Report

Page 89 University of Technology, Jamaica ANNUAL REPORT 2015-2016 With shovels in hand from left are, Nick Tanem, Proprietor, Essential Extracts, Dr. Claire Sutherland, Senior Director, International and Institutional Linkages, UTech, Ja., Mr. Balram Vaswani, Chairman, Ganja Labs, LLC, USA, Hon. Phillip Paulwell, MP, Minister of Science, Technology, Energy and Mining and Prof. Colin Gyles, Acting President, UTech, Ja. break ground at the site of the University’s first Medical Marijuana Research Grow and Extraction facility at a groundbreaking ceremony held at the University’s Papine campus on Tuesday, November 10, 2015. business model would be on the basis of a Build Operate, Finance and Transfer model; the operation and all its assets would be transferred at the end of an agreed period to UTech, at peppercorn rate. The development company has implemented a similar project on the UWI campus and is preparing to implement a second ground water well for UWI in order to accommodate the hospital and medical center on Mona Campus. Subject to agreement with UWI, it is being proposed that in the interim, some of the excess water of up to 1 million gallons per day can be supplied to UTECH through the existing NWC transportation pipe system. This could be completed in six months. This water will be purchased at approximately 37.5% of the current cost being paid to NWC, translating to savings of approximately $50 million annually, based on current estimated usage volume of 200,000 imperial gallons per day.