Local banks refusing to deal with cannabis businesses

BRIDGETOWN (CMC):

The newly established medicinal cannabis industry is facing a banking hurdle, with local commercial banks refusing to allow accounts for businesses in the sector, says Acting Chief Executive Officer of the Barbados Medicinal Cannabis Licensing Authority (BMCLA) Shanika Roberts-Odle.

Addressing the start of the two-day BMCLA-organised BAJCAN Cannabis MedCon and Expo at the Lloyd Erskine Sandiford Centre on the outskirts of the capital on Friday, she said the reluctance of traditional banks to work with cannabis businesses was a major hurdle.

Acting CEO of the Barbados Medicinal Cannabis Licensing Authority, Shanika Roberts-Odle.

“Most of you can’t get a bank account, can’t get your funds moved from one place to another, and it creates a lot of issues. It is one of the key problems that is delaying the start of several of our licencees,” she said.

“I have met on three separate occasions with the Barbados Bankers Association and on those occasions, they have politely but firmly told me ‘no’.”

In an effort to make things a little easier for cannabis businesses, the BMCLA on Friday signed a memorandum of understanding with local digital payment company mMoney.

“mMoney has emerged as a partner to address the local banking issues. We will be working together through this MOU to create a solution that will allow Barbadians to pay bills, employees and to move their financing in the Barbados structure,” the CEO said.

“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.”

Odle said BMCLA would continue to fight, advocate, and agitate for change.

“Fear cannot be the enemy to progress, and certainly not for the medicinal cannabis industry,” she told the audience.

Acting Minister of Agriculture Wilfred Abrahams, who also addressed the event, expressed hope the banking hurdle would be overcome.

“The reality is that at some point in time, the banking sector is going to come in line. Until that happens, you have to do what you have to do to make the dream work,” he urged the industry players.