Medicinal Cannabis Industry Faces Banking Hurdle in Barbados
Acting CEO of Barbados Medicinal Cannabis Licensing Authority: Shanika Roberts-Odle
BRIDGETOWN, Barbados, CMC – The newly established medicinal cannabis industry in Barbados is facing a significant challenge, as local commercial banks are refusing to allow accounts for businesses in the sector. According to Acting CEO of the Barbados Medicinal Cannabis Licensing Authority (BMCLA), Shanika Roberts-Odle, this reluctance of traditional banks to work with cannabis businesses is a major hurdle.
Banking Hurdle Delaying Industry Growth
At the start of the two-day BMCLA-organised BAJCAN Cannabis MedCon and Expo, Roberts-Odle highlighted the impact of this banking issue on the industry, stating, "Most of you can’t get a bank account, can’t get your funds moved from one place to another, and it creates a lot of issues. It is one of the key problems that is delaying the start of several of our licensees."
BMCLA Signs MOU with Local Digital Payment Company
To address this issue, the BMCLA has signed a memorandum of understanding (MOU) with a local digital payment company, Money. This partnership aims to create a solution allowing Barbadians to pay bills, employees, and move their finances within the Barbados structure.
"I have met on three separate occasions with the Barbados Bankers Association, and on those occasions, they have politely but firmly told me ‘no,’" Roberts-Odle said. "Money has emerged as a partner to address the local banking issues. We will be working together through this MOU to create a solution allowing Barbadians to pay bills and employees and move their financing in the Barbados structure."
Fighting for Industry Progress
While the BMCLA is working to find a solution, Roberts-Odle emphasized the need to continue fighting for the industry’s progress. "Fear cannot be the enemy to progress, and certainly not for the medicinal cannabis industry," she said.
Acting Minister Expresses Hope for Overcoming Banking Hurdle
Acting Minister of Agriculture Wilfred Abrahams, who also addressed the event, expressed hope that the banking sector will eventually come in line. "The reality is that at some point, the banking sector will come in line. Until that happens, you have to do what you have to do to make the dream work," he urged industry players.
Conclusion
The medicinal cannabis industry in Barbados is facing a significant challenge in the form of banking restrictions, but the BMCLA is working to find solutions to overcome this hurdle. With the signing of the MOU with Money, there is hope for a possible solution, but more work needs to be done to ensure the industry’s progress.
FAQs
- What is the main challenge facing the medicinal cannabis industry in Barbados?
- Local commercial banks are refusing to allow accounts for businesses in the sector.
- What is the BMCLA doing to address this challenge?
- The BMCLA has signed a memorandum of understanding (MOU) with a local digital payment company, Money, to create a solution for payment and financial transactions within the Barbados structure.
- What is the Acting CEO’s message to the industry?
- "Fear cannot be the enemy to progress, and certainly not for the medicinal cannabis industry."
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