Agriculture & Commerce Minister Audley Shaw says the Jamaican Government will continue to lobby the United States to take the lead in legitimising licensed cannabis growers and processors in correspondent banking relationships with US banks.
Shaw touched on the issue recently while addressing the CanEx Business Conference and Expo, in St. James.
He noted that, while Jamaica has made significant strides in creating an industry, the issue of correspondent banking continues to be a major challenge for legal cannabis producers.
The Minister emphasised that the refusal to bank entities within the sector forces retailers to engage in mostly cash transactions to facilitate business.
He added that passage of the Secure and Fair Enforcement (SAFE) Banking Act in the US congress could resolve correspondent banking challenges.
The SAFE Banking Act was introduced earlier this year as a means of permanently protecting financial institutions in states that want to offer basic banking services to marijuana businesses.
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