Gov’t Working to Resolve Banking Issues Affecting Medical Cannabis Sector

The Ministry of Industry, Investment and Commerce is working to resolve banking issues that have been impacting Jamaica’s medical cannabis industry.

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 (USA).

As a result, businesses are unable to attract financing, without which they cannot be licensed.

State Minister, Dr. the Hon. Norman Dunn, said that discussions are taking place “at various levels… because we believe that we need to solve this issue”.

He said that local banks were invited to participate in a virtual meeting on the matter last week.

“We had a meeting with a major stakeholder in the industry and we have been having meetings with persons who are making the various different proposals on how we deal with this correspondent banking issue. It is a real issue; it is a real concern,” he noted.

“The Ministry is working assiduously to ensure that we have a…

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