The Jamaican government is seeking ways to improve the cannabis industry in the country. To achieve its aim the government has planned to seek help from the international community, most especially the US.
Audrey Shaw, the Minister for Industry, Agriculture, Commerce, and Fisheries, said this move was necessary due to lack of support from local banks. The banks have declined to support the industry basically because of the fear of international de-risking. This issue is a major setback for the cannabis industry in Jamaica.
In simple terms, de-risking is a culmination of measures taken to ensure that engagement is less risky and will result in little or no financial loss. The minister said all measures, including diplomatic resources to raise support for the industry. He made his statement at a press briefing just after the opening of the distribution center of “Caribbean Producers Jamaica Limited (CPJ) which is located on the Montego Bay Freeport last Tuesday.
Shaw cited de-risking as one of the major challenges affecting small nations, like the Caribbean nations. According to him, the more developed nations have somehow found a way around the problem. He also noted that they are already receiving positive signals from the US at the highest levels.
There have been advancements in the research involving the use of cannabis as a drug to cure leukemia by a Jamaican scientist. The scientist in question instead of receiving support from the banks, had his accounts frozen because of de-risking.