The Medicinal Cannabis (R)evolution

GOVERNOR’S FOREWORD

The legal use of medicinal cannabis has expanded in the past ten years. Already, at least 30 countries have legalized the use of the drug for medicinal and therapeutic purposes. This inaugural flagship report styled The Medicinal Cannabis Revolution: Challenges in Banking a Budding Industry in the ECCU was commissioned by the Eastern Caribbean Central Bank in response to the growing global and regional interest in medicinal cannabis. Recent legislative developments in several member countries of the Eastern Caribbean Currency Union (ECCU) attest. The Eastern Caribbean is renowned for its favourable climate and fertile soil, which could facilitate a premium product as is currently the case with cocoa in one member country. The Report explores the potential benefits of medicinal cannabis as a viable industry in the ECCU. In this regard, its

viability almost certainly depends on access to export markets.

The Report highlights the prospects and challenges to the industry in the ECCU. Specifically, it identifies the policy issues, which arise in the development of the industry, and is intended to serve as a guide to policy-makers and industry practitioners, including financial institutions; both in countries, which have already passed, and those now considering the enactment of enabling legislation. Despite the potential economic benefits, which may accrue from the development of a medicinal cannabis industry in the ECCU, there are significant regulatory and compliance challenges within the financial sector which could inhibit the realisation of these benefits. These challenges are associated, in part, with differing legislative

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