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Barbados Could Boost Cannabis Industry via Stock Market

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The Caribbean island of Barbados is a beautiful place. Home to less than 300,000 people, the island nation is a well-known tourist destination. It is not as known for its stock market.

For many years Barbados’ largest industry was agriculture, although that has evolved in recent decades with tourism taking over as the driving economic force in Barbados.

Manufacturing and mining are large industries in Barbados, as are financial services. Agriculture is still a dominant industry, but less-so compared to previous decades.


Can Medical Cannabis Save The Barbados Economy?

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Over a year after the passage of Barbados’ Medicinal Cannabis Industry Act, the Caribbean island nation officially opened for business last month, January 2021.

The launch of the sector in the midst of the COVID-19 pandemic comes at an ideal time. The local Barbados economy, as well as the wider regional Caribbean economy have long been dependent on tourism for its ‘bread and butter’.  As a result, they are being hammered, and facing an economic crisis of major proportion.

Barbados Economy

The national debt of Barbados is now around US $6.35 billion. The International Monetary Fund, (IMF) noted that the prolonged COVID-19 pandemic continues to have a major impact on Barbados’ economy.


Barbados: Locals to Have a Stake in Cannabis Sector

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Officials are said to be considering ways of raising funds through the Barbados Stock Exchange (BSE) to help fund development and innovation in the burgeoning medicinal cannabis industry.

Word of this has come from Shantal Munro-Knight, Chief Executive Officer of the Barbados Medicinal Cannabis Licensing Authority (BMCLA), who said every effort was being made to ensure that locals have a major stake in the industry.

Munro-Knight opted not to say what mechanisms were being considered for raising funds through the BSE, but added that critical to the growth of the medical cannabis industry was the creation of strategic linkages and innovation.


Barbados: Health official against recreational use of cannabis

Despite Government’s declared intention to decriminalize small amounts of marijuana for personal use, the state’s main mental health institution is insisting on abstention except for medically prescribed purposes.

Director of the Psychiatric Hospital David Leacock said today his institution is firm in its position that no one should be using any type of narcotic drug whatsoever the amount.

“The hospital’s policy has been for the most part that we only believe marijuana should be used for medicinal reasons and prescribed by a medical practitioner. That still remains the case,” Leacock told Barbados TODAY this afternoon.

In fact, he warned Barbadians that marijuana poses a risk to the health of those who use it.


Law to be amended to end arrests for small amounts of cannabis

Being held with small amounts of cannabis will no longer be deemed a criminal act.

As part of efforts to free up police officers to deal with more serious matters as well as the Magistrates’ courts, persons caught with 14 grams of cannabis or less will no longer be arrested and hauled before the law courts, resulting in a criminal record.

Governor General Dame Sandra Mason today revealed that tickets would now instead be issued to the culprits and they would have 30 days to pay a $200 fine.

Persons caught smoking cannabis in public also will not be arrested and detained.

Police will have the option of issuing a ticket to that person who will have 30 days to pay.


Legalized Religiously – How Rastafari Tradition Is Helping Ease Cannabis Regulation in the Caribbean

Throughout history, cannabis has established itself as a popular recreational tool and powerful medicine, used in these ways worldwide according to local culture. For the Rastafari, though, it’s also a part of their religious tradition. As cannabis laws are reassessed globally, the push for religious freedom has helped loosen regulation for the Caribbean communities.


Medical cannabis could boost Barbados economy

Prime Minister Mia Amor Mottley today touted the proposed medicinal cannabis industry as a boost to he economy, as a new bill to set it up went before lawmakers.

As the House of Assembly debated the Medicinal Cannabis Industry Bill, the Minister of Finance said that if managed correctly, the trade could prove to be extremely lucrative.


Barbados-based medical marijuana businesses required to ensure local ownership

The Ministry of Agriculture in Barbados is requiring that any foreign cannabis companies that set-up shop in the country must ensure that locals own at least 30% of the business. This Medical Cannabis Bill 2019 was introduced in the House of Assembly in a bid to establish a legal industry. If this bill is adopted, Barbados would permit medical cannabis just as Jamaica, St Vincent & the Grenadines, and Antigua & Barbuda have. The Agriculture Minister gave a presentation on the bill which revealed that international companies have to create subsidiaries for local Barbadians.


Barbados Government promises Rastafarians 60 acres of land to grow marijuana

The Barbados government has promised to give members of the Rastafarian movement at least 60 acres of land for its members to grow marijuana legally.
Agriculture Minister Indar Weir, speaking in parliament on Friday, is also promising the group that it would play a major role in establishing a medicinal cannabis industry.
Weir said the government has met on numerous occasions with at least two groups representing the Rastafarian community and agreed they would be included in the industry.


Barbados Parliament to consider medicinal cannabis Bill

Barbados this week will become the latest country to actively pursue a medical marijuana program.

Dale Marshall, the country’s attorney general, said that a bill will be introduced to the Barbadian parliament on Tuesday. The legislation is expected to be debated later this month.

“We have committed to medicinal cannabis because, as a fella said: ‘You gotta go where the science takes you,’ but there is always going to be some push back,” Marshall said, as quoted by NationNews.


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