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Following the lead of the United States, Jamaica is to legitimise the cannabis growers in the market owing to the new bank rules.
Last weekend at the Global Health Catalyst Summit which was held at the Harvard Medical School, Boston, Massachusetts, Audley Shaw, the Industrial, Commercial, Agricultural, and Fisheries’ Minister of Jamaica, addressed this issue.
Issues Related to Cannabis Transactions
Minister Audley Shaw shed light on the issue regarding the bank transactions which the cannabis buyers face. Owing to the restrictions put by the US banks, certain countries are yet to be allowed to make bank transactions for the purchase of legally licensed medical cannabis. This leaves the buyers with only one choice, which is to carry out the transactions via cash since this is the only available option. But this way, the buyers tend to pose a potential threat to the business operators.
Addressing the audience, Shaw said that if the banks are not allowed to store the cannabis transactions money, they will not advance at their intended rate. Moreover, the cannabis growers will also continue to lose on opportunities for growth as they will receive no help from the banks in any way to expand their business in the future.
He also included that as the SAFE banking act, which stands for Secure and Fair Enforcement Banking Act, continues to act in the US Congress, Jamaica will continue to monitor its progress. Once bank transactions are allowed, the cannabis business owners and the customers will be able to carry out transactional agreements in a transparent manner.
Last month, the top financial institutions of America urged the Congress to allow the banks to process transactions in 25 states including the US territories so that the marijuana business owners can store their profit in their respective bank accounts.