Don't 'bank' on ganja! - Lawmaker says J'cans might be clinging to false hopes
Banks have expressed concerns in relation to their correspondent banking relationships
Thursday, November 9, 2017
The viability of Jamaica's legal ganja and hemp industry has been called into question, with lawmaker Marisa Dalrymple Philibert suggesting that Jamaicans might be clinging to false hope as there are financial barriers that could exclude small farmers from participating. Members of Parliament's Public Administration and Appropriations Committee (PAAC) indicated that there was need for clarity as to how investors in the cannabis sector would source funding from the banks or deposit proceeds from the sector into financial institutions when there were concerns relating to correspondent banking. Small farmers seeking to participate in the cannabis sector should be given the assurance that they could do business with the banks without facing major roadblocks. (See also: Ganja block)
