With the local banking sector wary of getting involved in Jamaica’s emerging medical cannabis industry out of fear of the international repercussions, the Government will be lobbying the United States to change its position and pave the way for ganja farmers and investors to secure banking support.
Agriculture, Industry, and Commerce Minister Audley Shaw says that he plans to appeal to the United States to ease up the pressure on Jamaica cannabis banking arrangements. Under US federal law, marijuana is still an illegal drug.
“Because the issues that we have entered into are licensing arrangements, we have a cannabis licensing authority, we are operating at global standards, and we are in a position where we can convince the United States and global [community] that we are prepared to operate at the standards that are expected of us,” said Shaw.
“In that context, I think it is very unfair for the American government to be using their banking arrangements to be literally stalling our arrangements,” said Shaw, pointing out that larger countries, including Canada and some in Europe, and even some US states had seemingly found a way around the US banking regulations.