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Fair Trading Commission Recommends Government Funding For Jamaican Cannabis Pursuits

Written by Frank Schuler on . Posted in Business, Policy.

Finding proper funding in the cannabis industry, including cannabis research, is not an easy task. Ask anyone involved in cannabis in any meaningful way, and they will likely be quick to tell you that they are either having a hard time finding proper funding, or in the cases in which fundraising already occurred, it proved to be a harder task than they initially expected.

That is certainly proving to be the case in Jamaica where members of the nation’s emerging cannabis industry are expressing frustration regarding finding proper cannabis funding for their projects, whether it be for their company or their research projects.

The cannabis industry’s cries for help in Jamaica seem to be moving the needle, at least to some degree, with the government’s administrative body responsible for overseeing the Fair Competition Act, the Fair Trading Commission, recently recommending that Jamaica create a funding mechanism to help the cannabis industry. Per Jamaica Observer:

The recommendation follows the completion of a market study of the cannabis industry which revealed that funding is one of the major impediments in the industry.

The FTC report, which was released in August, stated “policymakers should consider establishing [a] source of funding to encourage easier entry/expansion of the legitimate trade of cannabis”.

The agency said this is crucial as potential entrants may encounter difficulties accessing loans through local financial institutions given global efforts to limit the illegal trade of cannabis.

Much of what is going on in Jamaica is also going on elsewhere, due in large part to international banking regulations that make it very hard for traditional lending institutions to work with the emerging cannabis industry.

Banking legislation lagging in the United States is partially to blame for the problem, although, other countries also have many domestic hurdles that need to be overcome in order for the cannabis industry to gain full access to the international banking system and to ever reach its full potential.

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Jamaica Medical Cannabis Development Task Force Report Is Complete

Written by Johnny Green on . Posted in Archives, Business, Policy.

Historically, Jamaica is one of the top countries associated with cannabis on the planet, and a very strong argument could be made that it is the country most associated with cannabis.

The Caribbean island nation is home to a large population of people that use cannabis for sacramental purposes, and it is no secret that the cannabis plant grows naturally all over Jamaica and that it is sought after by people all over the world.

As the emerging cannabis industry continues to spread across the globe and increase in size at an exponential rate it is no surprise that Jamaica is trying to take its rightful place as an international cannabis powerhouse.

Jamaica inched closer to that goal when it was announced earlier this month that the country’s cannabis task force has completed a report that it will present to lawmakers in the near future. Per Jamaica Observer:

The cannabis development task force, set up by the Government, has completed a comprehensive action plan with key initiatives to support the medical marijuana industry, to include small and traditional ganja farmers.

State minister for industry, investment and commerce, Dr Norman Dunn, stressed in his contribution to the 2022/23 Sectoral Debate in the House of Representatives Tuesday that “the industry is demanding that we aggressively implement the action plan in the 2022/23 financial year, and we are responding decisively”.

Small farmers have complained over the years that although laws were passed to decriminalise possession of a small quantity of marijuana and make way for the growth of a medical marijuana industry, the requirements of the legal framework places them at a severe disadvantage.

It’s not clear at this time exactly what is included in the report, however, as the previously cited media coverage touched on, it’s expected to have a focus on helping small farmers.

Meanwhile, the Westmoreland Hemp and Ganja Farmers Association is promoting its own proposal to help small farmers and entrepreneurs via a cannabis ‘free zone.’

Essentially, the zone would somewhat mimic that of Amsterdam to some degree, where cannabis commerce could be freely conducted within the zone similar to how coffee shops have historically operated in Amsterdam. Only time will tell if the proposal gets adopted.

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Jamaican Officials Highlight Efforts To Increase Cannabis Imports/Exports

Written by Johnny Green on . Posted in Business.

The cannabis plant is obviously a big part of the culture in Jamaica. Cannabis is consumed for religious purposes in Jamaica, in addition to medical and recreational purposes. Few countries on earth, if any, are as revered for their quality of cannabis as Jamaica is.

With that being said, Jamaica clearly has a rightful spot at the front of the line when it comes to the emerging cannabis industry. The cannabis industry is spreading all over the globe, and some countries like Canada are reaping the rewards of international cannabis commerce.

Unfortunately, Jamaica has struggled in some ways to try to navigate the cannabis industry at the international level. One major hurdle that Jamaica has run into is banking. Several times industry and government officials in Jamaica have cited inadequate access to international banking services as hindering the growth of Jamaica’s cannabis industry.

Jamaica is trying very hard to be an international leader in the cannabis industry and specifically to boost cannabis imports and exports. International commerce is very difficult without adequate access to banking services. Fortunately, that has not dampened the spirit of government officials in Jamaica. Per Jamaica Information Service:

Director of Research Development and Communications at the Cannabis Licensing Authority (CLA), Felicia Bailey, says the agency is committed to facilitating the import and export of cannabis until the import/export regulations are promulgated.

Under the Interim Measures, licensees can export cannabis inflorescence/buds and extracts from Jamaica to jurisdictions across the world. CLA licensees have exported to countries such as Canada, Australia, Israel, Zimbabwe and the Cayman Islands.

“Getting into the global space is what we are aiming for, as becoming global players is very important, and that is why we are doing all that we can to ensure that our licensees have that ability to export and they have been taking advantage of that opportunity,” said Ms Bailey at a recent JIS Think Tank.

Obviously, the global demand for authentic Jamaican cannabis is enormous. Entrepreneurs in Jamaica should be able to take full advantage of changing policies in many countries regarding cannabis, and in the process create jobs, boost the local economy in Jamaica, and raise public funds via tax revenues and licensing fees.

Legal international cannabis sales are still in the infancy stage by all measures, and Jamaica is not the only country experiencing growing pains. The rules and regulations regarding international cannabis commerce are largely being written right now, and in an odd scenario in which cannabis is still prohibited by various international treaties. Bumps and hurdles are to be expected.

The growing pains will likely continue for Jamaica and other countries throughout this decade, but eventually the dust will settle and the regulatory framework for imports and exports will become more stable. Once that happens, Jamaica will hopefully have taken its rightful place in the legal cannabis industry and be a true international powerhouse.

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Is The Caribbean And Latin America The New Source For “Canadian” Cannabis?

Written by Marguerite Arnold on . Posted in Business.

Another cannabis comer outside the United States but in the American hemisphere has announced a shipment INTO Canada. Global Canna Labs, based in Jamaica, announced a 10kg (about 22 lb) shipment with the blessing of the Ministry of Industry, Commerce, Agriculture, and Fisheries last week. The company has a 270,000 square foot facility in Montego Bay.

Does this herald a new legit “Drug Economy” channel that Bob Marley could have only dreamed about? Especially with new regulations in place in Canada that require growers to have completed their grow farms prior to submitting an application, as well as a backlog in licensing, supply, and price, if not the overall seed to sale issues still plaguing the Canadian market?

To a certain extent, yes. The “Drug War” was always ferocious at the U.S. border because the economies of drug cultivation beat just about every crop grown south of the Rio Grande.

These days, swapping cannabis for coffee beans (at a minimum) is clearly on the minds of cultivators all over Latin America. It is cheaper, it is becoming legit, and there is still a huge demand if the right channels are tapped.

And while Canada is the first “target” for their exports, can the U.S. be far behind? It certainly seems to make more sense economically to be able to import within the same hemisphere rather than (as is also going on) across the Atlantic to Europe.

The Next “Trade War?”

While it may still seem laughable to those who realize that cannabis is still a banned and highly stigmatized substance in many countries still, let alone the high seas of international trade, there is a looming trade war shaping up on the cultivation front. Cannabis, for all its quirks and intrigue, is still a plant, and plants can and indeed are being increasingly commoditized in this space. Just like say, bananas. Or coffee. Or oranges.

And while at least in the U.S. this is still a long way off, states cannot even trade with each other yet. Expect this issue to be increasingly in the room.

In Europe, as of 2020, international trade is the only way to obtain cannabis from any country or hemisphere, and Germany, as the largest market, is drawing firms from all over the world, hoping to source its medical market.

The only “trade war” here, in other words, is companies, from all over the world, but also on the same continent, who cannot wait to get in – and start doing business.

Don’t miss the International Cannabis Business Conference in Europe next year in Barcelona, Berlin, and Bern!

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Jamaica’s Trade Minister: U.S. Cannabis Banking Reform Is Desperately Needed

Written by Johnny Green on . Posted in Business.

Jamaica has a long history when it comes to cannabis. The cannabis plant is ingrained in the island nation’s culture, and thanks to cannabis reform efforts, it’s preparing to take its rightful place as an international cannabis industry leader.

The Carribean country is working to finalize rules and regulations for cannabis exports, with its sights set on lucrative international markets such as Germany and Australia. Jamaica’s Trade Minister Audley Shaw stated this week that there’s a major roadblock in the way right now – cannabis prohibition in the United States, and more specifically, banking issues related to the U.S. prohibition policy. Per Bloomberg:

“It’s really a roadblock, no other word for it, it’s a major roadblock in the advancement of medicinal cannabis,” Shaw said in an interview at Bloomberg’s New York office Wednesday.

He’s particularly passionate about marijuana’s potential to reduce opioid addiction rates, and is hoping to bring his message all the way to President Donald Trump.

“The gravity of this situation requires the highest level of focus,” he said.

Minister Shaw went on to point out the blatant hypocrisy of the United States allowing Canadian cannabis companies to list on its stock exchanges yet at the same time prohibiting United States cannabis companies from being able to do the same thing.

Shaw also pointed out that it’s ridiculous that there are serious hurdles for cannabis banking in his country due to U.S. policy while at the same time Canadian cannabis companies are able to offer stock options in the U.S.

Jamaica is not the only country experiencing banking issues due to the current United States cannabis policy. Uruguay has also reportedly experienced issues. The SAFE Banking Act was already approved by the United States House of Representatives. Hopefully the legislation passes soon in the U.S. Senate and is signed into law for the sake of the emerging cannabis industry in the U.S., Jamaica, and elsewhere.

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Cannabis Import/Export Regulations Are Coming To Jamaica Soon

Written by Johnny Green on . Posted in Business.

Jamaica has a long and rich history with the cannabis plant. Cannabis has been a part of Jamaica’s culture for many decades and has been a driving force for the Caribbean island nation’s unregulated industry.

In recent years Jamaica has implemented cannabis industry regulations, with the Cannabis Licensing Authority having granted 54 licenses so far. The country’s emerging legal cannabis industry will likely get a big boost in the near future with import and export regulations expected to be finalized soon. Per Jamaica Observer:

Minister of Industry, Commerce, Agriculture and Fisheries, Audley Shaw, says Jamaicans can expect the import/export regulations for cannabis soon.

Speaking Wednesday (August 14) at the official opening of SENSI Medical Cannabis House at the Pulse Centre in New Kingston, Shaw said work is being done on the draft of the regulations by the Cannabis Licensing Authority (CLA) and other agencies of Government.

“Through the work of the CLA, we [Government] are now in receipt of the first draft of the import/export regulations for cannabis for final review and discussion, which upon enactment, will give the CLA jurisdiction or the statutory authority to handle requests for import/export of inflorescence/flower and extract/resin,” the minister said.

“It’s moving between the various agencies, [such as] the Ministry of Justice, the Attorney General’s Department, the Chief Parliamentary Counsel and the CLA,” he added.

If/when Jamaica implements regulations, and exports and imports officially launch, Jamaica will join a growing list of countries that are taking their cannabis industries global. Hopefully soon Jamaica will take its rightful spot as an international cannabis supplier.

Join us at our upcoming event in Vancouver, British Columbia, Canada, this September 15-16 to find out the latest information regarding the international cannabis industry. Purchase your tickets today!

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