KINGSTON, Jamaica — A prominent Jamaican scientist and entrepreneur is launching a company that aims to capitalize on medical marijuana, a growing global industry that he asserted Wednesday could be a boon for the island’s chronically limping economy.

Henry Lowe, a researcher who specializes in medicinal chemistry and the chairman of an institute that develops therapeutic and cosmetic products from various plants in Jamaica, is calling his new venture Medicanja. It will focus on isolating medicinal compounds in the cannabis plant, known locally as “ganja,” and Lowe said the research will not violate any local laws or international conventions.

Lowe said Jamaica could become a powerhouse in the nascent medical marijuana industry, health tourism and the development of innovative pot-derived items. Local scientists already have a history of creating marijuana-derived products, such as “Canasol,” which helps relieve pressure in the eyes of glaucoma patients.

Marijuana is pervasive on the Caribbean island despite being prohibited since 1913. It’s long been used as a medicinal herb by Jamaican families and as a spiritual sacrament by Rastafarians. In 2001, a government-appointed commission said pot was “culturally entrenched” and recommended decriminalization, but the effort stalled.