Paulwell joins lobby to get banking services for cannabis industry

Jamaica Observer (Jamaica)
Frday, May 3, 2019

The Bank of Jamaica (BOJ) is again being pressed about its role in charting the way forward to enable the legal cannabis industry to access financial services and become a part of the formal economy. East Kingston and Port Royal Member of Parliament Phillip Paulwell — a member of the Public Administration and Appropriations Committee (PAAC) — said that Jamaica continues to be at a disadvantage as it awaits the United States to lead the way in opening up the industry in order to address the issue of banking for cannabis. The BOJ senior deputy governor told the committee that the bank has been holding meetings with the various associations representing the industry to see how their needs can be accommodated in the formal banking system, but that so far there has been no progress in that regard.