The Medicinal Cannabis (R)evolution

regimes across ECCU member countries and the federal position of the US government.

predicament of licensed financial institutions interested in facilitating the development of the industry while seeking to preserve correspondent banking relations in the USA. The Bank acknowledges its role, as regulator, in the development of a framework to guide the conduct of the commercial banking sector in managing the relationships with conduct of the commercial banking sector in managing the relationships with participants of the medicinal cannabis industry. Ultimately, the potential of medicinal cannabis in the ECCU will depend on favourable external developments combined with a strong risk management framework for licensed financial institutions willing to provide services to the industry.

The United States of America, in particular, presents a peculiar challenge. Although most states have either legalized or decriminalized the use of cannabis, it remains illegal at the federal level. In light of its classification at the federal level, many licensed financial institutions in the region have understandably, expressed some reluctance to transact with cannabis-related businesses. The Bank recognises that in order for member countries to create a viable medicinal cannabis industry and realise the benefits therefrom, medicinal cannabis businesses will require banking services to facilitate domestic, regional and international transactions. This Report considers the

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