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Government Of Jamaica Working To Establish Better Relationships Between Local Cannabis Industry And Banks In USA

Government Of Jamaica Working To Establish Better Relationships Between Local Cannabis Industry And Banks In USA

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Minister of Industry, Commerce, Agriculture and Fisheries, Audley Shaw, says the Government is working on establishing better relationships between dealers in the local cannabis industry and banks in the United States, for growth of the developing sector.

At the launch of CanEx Jamaica Business Conference and Expo, on Wednesday (September 4), at the Spanish Court Hotel in New Kingston, Mr. Shaw pointed out that the United States has a US$150-million industry for cannabis, which Jamaicans can tap into.

One of the constraints to the faster growth of the industry for Jamaica is the correspondent banking relationships between Jamaica and the United States, the Minister noted.

He added that what was now required was a more aggressive lobby of the United States Government, among others, to put in place a formal correspondent banking system for legitimate legal cannabis and medicinal cannabis operators.

He indicated that he was working on that in an aggressive way with the Ambassador in Washington and they have to demonstrate that they are building a legitimate world-class medicinal cannabis industry here in Jamaica,

The Minister said that Jamaicans with an interest in the growing cannabis industry and those who have invested, should prepare themselves to compete on the global market.

Mr. Shaw indicated that this was not a Jamaica platform anymore, as they have a global platform on which they have to operate, and that means the standards have to change.

We have to begin to do things at globally accepted standards he said.

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