Agriculture Minister Audley Shaw has said the passage of the Secure And Fair Enforcement (SAFE) Banking Act in the United States will provide a window of opportunity for the local cannabis industry.
The SAFE Banking Act provides legal cannabis companies with easier access to funds from financial institutions.
Mr. Shaw commented on the legislation while speaking at the Cannabis Expo in Montego Bay, St. James on Wednesday, noting that its passage was "a major step in the right direction."
"Ultimately, we now have to deal with issue of correspondent banking. An example of this is, we are here in Jamaica, we want to do business with Canada, with the US, with Europe, wherever; how does the money move? So the SAFE banking Act is dealing with how the money moves within the United States. Now we have to lobby the US government for that SAFE Banking Act to embrace the international movement of money for countries that have a legitimate cannabis industry, such as Jamaica with the Cannabis Licensing Authority," he said.