BRIDGETOWN, Barbados, 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 on Friday at the Lloyd Erskine Sandiford Centre on the outskirts of the capital, she said the reluctance of traditional banks to work with cannabis businesses was a major hurdle.
“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 licensees,” 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.’”
To make things a little easier for cannabis businesses, the BMCLA signed a memorandum of understanding with a local digital payment company money on Friday.
“Money has emerged as a partner to address the local banking issues. We will be working together through this MOU to create a solution allowing Barbadians to pay bills and employees and 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 allow 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, the banking sector will 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.
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