Financing the cannabis industry is posing a challenge for the Barbados Medicinal Cannabis Licensing Authority (BBMCLA).
Permanent Secretary of the Ministry of Agriculture, Nutrition and Food Security, Terry Bascombe, says that Barbados is facing pushback from insurers and the banking sector.
"The most prominent challenge is the banking situation. This is a widespread issue across any territory, which engages in correspondent banking with the United States of America. The Secure and Fair Enforcement (SAFE) Banking Act, a proposed legislation aimed at allowing banks to do business with companies operating legally within states that have legalized cannabis, had the potential to change the way the industry operates."
"Despite widespread support, the bill failed to pass in Congress, leaving communities, as well as some countries like Barbados, at risk of having cannabis businesses operating solely with cash."
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