Legal but locked out
The banking dilemma for Jamaican cannabis businesses
Wednesday, June 14, 2023
As Jamaica continues to promote medicinal cannabis to attract investors and spur the industry's development, entrepreneurs face significant hurdles due to the fact that, while their businesses are legal, they are still not able to access the country's banking services. This creates substantial challenges from sourcing investors to securing credit, conducting commercial operations, operating efficiently and taking advantage of growth opportunities. The current status quo stems from the fact that in the United States cannabis is still illegal at the federal level, even though there are states in which it is legal. As a result, the banking system is hesitant to engage with cannabis companies because banks would likely find themselves at odds with federal law if they do so.
