Tag: bahamas

Success Of Bahamas Cannabis Industry Hinges On Banking Acceptance Says AG

Written by Frank Schuler on September 22, 2022. Posted in Business, Policy.

The Bahamas are located in the Caribbean which is a region that is seeing increased cannabis industry activity, and for good reason. After all, it is no secret that the cannabis plant grows very well naturally in the region.

As the island nation’s cannabis industry continues its quest to become a regional industry leader, a major hurdle facing the industry in the Bahamas is banking access. It’s something that elected officials in other Caribbean nations have expressed concerns about, and you can now add the Bahamas’ attorney general to that list. Per Eyewitness News:

Attorney General Ryan Pinder yesterday said that banks need to demonstrate less resistance to the digital asset and cannabis industries, noting that they play a key role in the survivability of those industries.

Pinder spoke with Eyewitness News on the sidelines of the Association of International Bank and Trust Companies (AIBT) Nassau Conference.

The legal cannabis industry in the Bahamas is still very young, with many rules and regulations still being crafted. With that in mind, it will be awhile before the nation’s industry actually comes up against banking access issues in a significant way.

Yet, just the threat of a banking issue has proven to be enough to derail reform and industry efforts in other countries, as cannabis opponents point to it repeatedly in an attempt to delay said efforts.

Hopefully that doesn’t prove to be the case in the Bahamas and that locals will recognize that the cannabis industry is thriving elsewhere despite ongoing international and domestic banking headaches.

Revised Medical Cannabis Bill Close To Being Filed In Bahamas

Written by Johnny Green on May 12, 2021. Posted in Medical.

Legal medical cannabis industries are operating all over the planet now thanks to reform victories in recent years and the tireless work of activists and advocates that made those reform victories possible.

Medical cannabis is even being exported across international borders from one country to another, often involving transport across an ocean or two.

With that being said, there are still many countries that continue to prohibit medical cannabis in all of its forms. One of those countries is the Bahamas.

Fortunately, a medical cannabis measure appears to be coming soon. Per The Nassau Guardian:

Following consultation with the Bahamas Christian Council (BCC), various medical professionals and Bahamians in the cannabis business abroad, Attorney General Carl Bethel said yesterday he expects to submit a redrafted medical marijuana bill to a Cabinet subcommittee for review this weekend.

Once the committee reads through the new draft, Bethel said he may present the bill to Cabinet for final approval either next week or the following week.

“(Retired Justice) Dame Anita Allen is working with the Law Reform Commission now to put all of the different suggestions that we deem to be workable, because not everything suggested is workable at the present time, into the redraft of the bill,” Bethel said.

In the summer of 2018 recommendations were offered up by the CARICOM Regional Commission on Marijuana to decriminalize cannabis in the Bahamas.

Later, the Bahamas National Commission on Marijuana recommended legalizing cannabis for medical use. As of right now, it appears that only the medical cannabis provisions will be included in the looming legislation, although we won’t know until the measure is officially submitted.