Barbados' fledgling medicinal cannabis industry is unable to access domestic and international banking services, according to Acting Chief Executive Officer of the Barbados Medicinal Cannabis Licensing Authority (BMCLA), Shanika Roberts-Odle.
Speaking at the inaugural BAJCAN Cannabis Medical Conference and Expo at the Lloyd Erskine Sandiford Centre, Roberts-Odle highlighted how banking difficulties have stymied the progress of the industry, with many businesses unable to open accounts or transfer funds due to traditional banks' refusal to engage with cannabis growers.
"Most of you can't get a bank account. You can't get your funds moved from one place to another, and it creates a hell of a lot of issues," she said, underscoring the frustration within the industry.
The BMCLA has made efforts to address the issue by signing a Memorandum of Understanding (MOU) with digital banking platform M-Money, but Roberts-Odle admitted that much work remains. "While we haven't completely solved the banking issue, absolutely we haven't, it does bring us closer and allows us to move money locally," she said. Despite this, she urged perseverance: "Fear cannot be the enemy to progress, and certainly not for the medicinal cannabis industry."
Read more at Barbados Today.