Jamaica’s central bank asked to solve cannabis banking issues

Jamaica has asked its central bank to find a solution to banking issues that are tripping up development of the country’s medical cannabis industry.

Daryl Vaz, minister without portfolio in the Ministry of Economic Growth and Job Creation, said the government considers medical cannabis a potential catalyst for the country’s struggling economy, the Jamaica Observer reported.

Vaz said MMJ companies are excluded from the formal banking sector because of existing laws and banking regulations.

“The whole issue of banking arrangements, formal banking arrangements, has to be addressed,” he said.

He made the comments at the launch of Kronic Relief Jamaica, a new medical marijuana company that received seven licenses from the Cannabis Licensing Authority.

Henry Lowe, a scientist and cannabis researcher, warned that Jamaica was in danger of “missing a great opportunity” presented by cannabis.

Jamaica passed the “Ganja Law” in 2015, which made possession of 2 ounces or less of cannabis a ticketable offence. The law also legalized possession for medical or therapeutic purposes.

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