The Ministry of Industry, Investment and Commerce is working to resolve banking points which have been impacting Jamaica’s medical hashish business.

Many main banks are reluctant to fund the expansion of medical hashish out of concern of breaching federal legal guidelines within the United States of America (USA).

As a end result, companies are unable to entice financing, with out which they can’t be licensed.

State Minister, Dr. the Hon. Norman Dunn, stated that discussions are happening “at various levels… because we believe that we need to solve this issue”.

He stated that native banks had been invited to take part in a digital assembly on the matter final week.

“We had a meeting with a major stakeholder in the industry and we have been having meetings with persons who are making the various different proposals on how we deal with this correspondent banking issue. It is a real issue; it is a real concern,” he famous.

“The Ministry is working assiduously to ensure that we have a solution, that we can encourage this new industry to grow and develop and thrive,” he added.

The State Minister was talking on the opening of EXIM Bank’s digital webinar on Thursday (November 5), entitled ‘E-commerce: The new Export Frontier for Small and Medium-sized Businesses’.

EXIM Bank, beneath its Business Advisory Services Unit (BAS), is searching for to present small and medium-sized enterprises with data to unlock present and new alternatives offered by the coronavirus (COVID-19).

Dr. Dunn, in welcoming the webinar, stated it’ll put together entities to meet the brand new challenges and reap the benefits of alternatives.

He counseled EXIM for persevering with “to chart new avenues and opportunities and to create new pathways for us to see that the world is there and we need to rise to the occasion to play that meaningful part in this new world that is emerging”.

Managing Director of EXIM Bank, Lisa Bell, in her remarks, stated that the entity’s main purpose is to help small and medium=sized companies, significantly these working within the “very important export value chain”, to realise their productive promise.

“Our mandate is to improve access to finance [including] loans and other fit-for-purpose financing solutions,” she famous.

She stated that EXIM has been working assiduously to determine present and rising alternatives “which will allow our clients and potential clients to not only survive this crisis but to, indeed, actually thrive”.

The webinar included displays from native and worldwide consultants on how to begin, construct and scale e-commerce companies.

Source:  https://jis.gov.jm/govt-working-to-resolve-banking-issues-affecting-medical-cannabis-sector/?mc_cid=835a9e2ee1&mc_eid=9d689a81c4

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