The Jamaica government says it is working to resolve banking issues that have been impacting the island’s medical cannabis industry.
The Ministry of Industry, Investment and Commerce said many major banks are reluctant to fund the growth of medical cannabis out of fear of breaching federal laws in the United States and as a result, businesses are unable to attract financing, without which they cannot be licensed.
Minister of State in the Ministry of Industry, Investment and Commerce, Dr. 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…
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