Thursday, October 29, 2020

Marijuana Chief Admits 'Dilemma' Over Bank Threat


Tribune Business Editor

The Bahamas faces "a dilemma and serious concern" in developing a medical marijuana/hemp industry due to US legal restrictions, a Government advisory body co-chair conceded yesterday.

Quinn McCartney, who heads the National Commission on Marijuana with Bishop Simeon Hall, told Tribune Business The Bahamas cannot afford to be cut-off from the US financial and economic system by Bahamian banks losing their correspondent relationships due to concerns about a legalised industry conflicting with US federal law.

Speaking after two prominent bankers sounded the alarm over this issue, Mr McCartney said the threat posed to The Bahamas developing its own medical marijuana/hemp industry was something already on the Commission's "radar".

He added that the matter had been brought to its attention by Jamaica, which had detailed the problems experienced by its banks over their US correspondent relationships ever since it unveiled a legalised marijuana industry in 2015-2016.  Read more >>