The Medicinal Cannabis (R)evolution

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2019. The purpose of the regulations is to ensure compliance with the Single Convention on Narcotic Drugs 1961. The regulations are expected to be promulgated by end of 2019.

Jamaica remains hopeful given the legalisation of medicinal and recreational cannabis in Canada, noting that this may alleviate some of the correspondent banking issues.

Box 4: St Vincent and the Grenadines In 2018, St Vincent and the Grenadines, passed legislation legalising the cannabis for medicinal purposes. The Cannabis Industry Act 2018 provides for the establishment of the Medicinal Cannabis Authority, the Board of Directors and the Medicinal Cannabis Advisory Council. Licensing Classification Licence Licence Class Acres Renewal Period Traditional Cultivator Up to 5 2 years

Traditional Cultivator

Vincentian

Cultivation,

Manufacturing,

A

Up to 1

1 year

Transport and Research Licence Fees

B

More than 1 and up to 5 More than 5 and up to 25 More than 25 and up to 100 More than 100 and up to 300

2 years

C

3 years

D

4 years

E

5 years

In its 2019 Budget address, the Government of St Vincent and the Grenadines anticipated revenues of approximately $5.0m from medicinal cannabis licenses in 2019.

One of the major challenges facing the medicinal cannabis industry has been access to banking services, given the conservative approach taken by most of the local financial institutions. To date banking of the budding industry in St Vincent and the Grenadines has been very conservative, with only the Bank of St Vincent and the Grenadines (BOSVG) leading the charge in this regard. As part of its risk management framework, BOSVG has implemented systems to identify and monitor accounts which engage in the medicinal cannabis industry. Dedicated resources have been allocated for monitoring these accounts and related transactions to avoid the comingling of funds. A zero tolerance approach has been implemented to ensure that funds are transacted through designated correspondent banking relationships which have been established for such transactions. Like many other jurisdictions, due to the disparities