Concerns About The Disconnect Between Banks And Medical Marijuana Industry

Timeless Herbal Care Jamaica (THCJ), one of the first three companies that received licences to operate businesses in the country's burgeoning medical marijuana industry, has weighed in on concerns that are now being raised about the disconnect between banks and the industry. The issue became a hot topic at Wednesday's (Nov.8) meeting of the Public Administration and Appropriations Committee of Parliament with representatives of the Cannabis Licensing Authority (CLA). Trelawny Southern MP Marisa Dalrymple-Philibert cautioned the agency against giving ganja farmers and other investors false hope, given that financial institutions are currently wary of facilitating business emanating from the industry. President of Timeless Herbal Care Courtney Betty said there are numerous ways the issue can be resolved. “We don't have to reinvent the wheel. You've got Canada, the United States, Israel and many other countries that have figured out a way to create a system that the industry can actually work along with the banking structure. At the end of the day, what we are looking for is openness and transparency, and to ensure that funds do not get into the system that shouldn't,” he said. Betty was speaking yesterday at a forum on the development of medicinal ganja in Jamaica, at the Jamaica Pegasus hotel. The session was hosted by the three licensees — Timeless Herbal Care, Epican and Everything Oily. Betty pointed out that the process does not have to be a difficult one, or even involve further legislative changes, as the necessary framework already exists.