Guam: "Banking remains hurdle for new cannabis industry"

The island’s adult-use cannabis industry is supposed to be regulated through the payment of taxes and fees to the local government, but it still is unclear if the government of Guam’s banks will accept cannabis money, according to the Cannabis Control Board.

“From what (administration officials) understand right now … they can’t accept cannabis-related money,” board Chairwoman Vanessa Williams said during a recent board meeting. Williams said the government has a follow-up meeting with its banks to get more information.

“If we don’t have a bank that we can deposit these funds and we can’t use another system or we don’t have one, then we’re going to have to come back as a board and look at what possibilities we have or if we need some type of legislative assistance in terms of how we handle these transactions,” Williams said.

Adult-use cannabis has been legal in Guam since 2019, and eligible adults can possess limited amounts in public and grow and consume it at home. It still is illegal to sell or trade cannabis for anything of value until the rules and regulations are in place and the government issues licenses to cultivators, manufacturers, testing facilities and retail stores.

To read the complete article, go to www.guampdn.com


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