Glimmer of hope for cannabis industry as talks continue with US

Banking issues hindering growth of cannabis industry, says CLA chairman
Jamaica Observer (Jamaica)
Thursday, October 31, 2019

Permanent secretary in the Ministry of Investment, Commerce, Agriculture and Fisheries Dermon Spence has indicated that there could be headway in sight for the difficulties with banking for the local cannabis industry. Jamaica's legal cannabis industry continues to be severely hampered as banks refuse to handle ganja money, the Cannabis Licensing Authority (CLA) has acknowledged. With the strong lobby by the Jamaican Government and the changing environment in the United States for cannabis banking, there were some positive developments in sight. The country's banking industry is tied to that of the US through correspondent banking arrangements. Local banks are cautious and are “unwilling to transact business with individuals and companies operating in the legal cannabis industry”