The Medicinal Cannabis (R)evolution

Contents LIST OF ACRONYMS AND ABBREVIATIONS ................................................................................... i GOVERNOR’S FOREWORD .................................................................................................................. ii 1.0 INTRODUCTION ........................................................................................................................... 1 2.0 ECONOMIC RATIONALE FOR DEVELOPING THE INDUSTRY ............................................ 5 3.0 THE POTENTIAL GLOBAL DEMAND FOR CANNABIS ......................................................... 13 4.0 BANKING SECTOR ISSUES FOR THE CANNABIS INDUSTRY ............................................. 18 4.1 De-risking and the Eastern Caribbean Currency Union ............................................................. 18 4.2 Challenges and Opportunities for the Commercial Banking Sector .......................................... 21 4.3 Broader Financial Sector Challenges ............................................................................................ 27 4.4 Banking and Payment Processing Solutions for the Cannabis Industry ................................... 30 5.0 RECENT LEGISLATIVE DEVELOPMENTS IN ECCU MEMBER COUNTRIES ................. 33 5.1 The Medicinal Cannabis Industry Legislation – St Vincent and the Grenadines ..................... 34 5.2 Medicinal Cannabis Regulations ................................................................................................... 36 5.3 The Cannabis Legislation – Antigua and Barbuda ...................................................................... 37 5.4 The Cannabis Bill – Saint Christopher and Nevis ....................................................................... 38 6.0 CONCLUSION ................................................................................................................................... 39 7.0 POLICY CONSIDERATIONS .......................................................................................................... 40 Appendix I - US Patriot Act and Correspondent Banking Relationships .............................................. i Appendix II - Results of Mentimeter at the Inaugural Meeting with Financial Institutions .............. iii REFERENCES ............................................................................................................................................ v