THE Ministry of Industry, Commerce, Agriculture and Fisheries is engaging international stakeholders to address the banking difficulties that have been impacting Jamaica’s medical cannabis industry.
Director of Research Development and Communications at the Cannabis Licensing Authority (CLA), Felicia Bailey, in making the disclosure at a JIS Think Tank recently, noted that the continued hesitance of banks to deal with players in the local industry remains a challenge.
Many major banks are reluctant to fund the growth of medical cannabis out of fear of breaching federal laws in the United States of America.
As a result, businesses are unable to attract financing, without which they cannot be licensed.
“Banks are derisking to preserve their corresponding banking relationships, mainly in the USA, but the CLA is making every effort on its part to facilitate the growth of the industry.
“The ministry is doing lobbying in the international space to see where this can be facilitated….