Ron Strider
Well-Known Member
Timeless Herbal Care Jamaica, one of the first three companies that received licenses to operate businesses in the country's burgeoning medical marijuana industry, has weighed in on concerns that are now being raised about the disconnect between banks and the industry.
The issue became a hot topic at Wednesday's meeting of the Public Administration and Appropriations Committee of Parliament with representatives of the Cannabis Licensing Authority (CLA).
Trelawny Southern MP Marisa Dalrymple-Philibert cautioned the agency against giving ganja farmers and other investors false hope, given that financial institutions are currently wary of facilitating business emanating from the industry.
President of Timeless Herbal Care Courtney Betty said there are numerous ways the issue can be resolved.
"We don't have to reinvent the wheel. You've got Canada, the United States, Israel and many other countries that have figured out a way to create a system that the industry can actually work along with the banking structure. At the end of the day, what we are looking for is openness and transparency, and to ensure that funds do not get into the system that shouldn't," he said.
Betty was speaking with the Jamaica Observer yesterday at a forum on the development of medicinal ganja in Jamaica, at the Jamaica Pegasus hotel. The session was hosted by the three licensees – Timeless Herbal Care, Epican and Everything Oily.
Betty pointed out that the process does not have to be a difficult one, or even involve further legislative changes, as the necessary framework already exists.
"I don't think there is anything more that needs to be done. In Canada, for example, the credit unions have played a major role in facilitating the transaction in the businesses... We have agricultural banks here, we have loan societies... there are many pieces of existing legal financial institutions that can facilitate this industry," he stated, adding that even before the industry reaches an advanced state, it is anticipated that the banks will come "running" to participate.
Meanwhile, commenting on criticisms leveled at the CLA about not moving quickly enough to issue the requisite licenses investors need to start their businesses, Betty stated: "It's an incredible job that they have. It would have been a lot easier had they been given directives from Government [as to] this is what we want you to do [etc.], but it's been a situation where they have had to be developing all of these other areas, trying to issue licenses, trying to be a regulator, trying to be an enforcer. I wouldn't want their job."
Betty said he is confident that the industry will be operational in another few months.
"All of this will be figured out within the next six months. We are on the way and it's not too late. This is good timing for us right now," he insisted.
He said that in the discussions about the development of the medicinal ganja and hemp industry, it should be noted that many Jamaicans are already dependent on marijuana for their livelihood.
"We are forgetting that many Jamaicans are already using ganja to send their children to school [and] to help to cure diseases. So they already know the benefits of it; it's just how do we bring them to a legal industry so that they can get the economic returns," he said.
Timeless Herbal Care, Epican and Everything Oily have formed an alliance to buttress their efforts to help propel the industry.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Banks will come running, says marijuana licensee
Author: ALPHEA SAUNDERS
Contact: Contact Us for Online Newspaper Advertising Costs & Rates in Jamaica - Contact Us - JamaicaObserver.com
Photo Credit: Getty Images
Website: Jamaica Observer: Jamaican News Online – the Best of Jamaican Newspapers - JamaicaObserver.com
The issue became a hot topic at Wednesday's meeting of the Public Administration and Appropriations Committee of Parliament with representatives of the Cannabis Licensing Authority (CLA).
Trelawny Southern MP Marisa Dalrymple-Philibert cautioned the agency against giving ganja farmers and other investors false hope, given that financial institutions are currently wary of facilitating business emanating from the industry.
President of Timeless Herbal Care Courtney Betty said there are numerous ways the issue can be resolved.
"We don't have to reinvent the wheel. You've got Canada, the United States, Israel and many other countries that have figured out a way to create a system that the industry can actually work along with the banking structure. At the end of the day, what we are looking for is openness and transparency, and to ensure that funds do not get into the system that shouldn't," he said.
Betty was speaking with the Jamaica Observer yesterday at a forum on the development of medicinal ganja in Jamaica, at the Jamaica Pegasus hotel. The session was hosted by the three licensees – Timeless Herbal Care, Epican and Everything Oily.
Betty pointed out that the process does not have to be a difficult one, or even involve further legislative changes, as the necessary framework already exists.
"I don't think there is anything more that needs to be done. In Canada, for example, the credit unions have played a major role in facilitating the transaction in the businesses... We have agricultural banks here, we have loan societies... there are many pieces of existing legal financial institutions that can facilitate this industry," he stated, adding that even before the industry reaches an advanced state, it is anticipated that the banks will come "running" to participate.
Meanwhile, commenting on criticisms leveled at the CLA about not moving quickly enough to issue the requisite licenses investors need to start their businesses, Betty stated: "It's an incredible job that they have. It would have been a lot easier had they been given directives from Government [as to] this is what we want you to do [etc.], but it's been a situation where they have had to be developing all of these other areas, trying to issue licenses, trying to be a regulator, trying to be an enforcer. I wouldn't want their job."
Betty said he is confident that the industry will be operational in another few months.
"All of this will be figured out within the next six months. We are on the way and it's not too late. This is good timing for us right now," he insisted.
He said that in the discussions about the development of the medicinal ganja and hemp industry, it should be noted that many Jamaicans are already dependent on marijuana for their livelihood.
"We are forgetting that many Jamaicans are already using ganja to send their children to school [and] to help to cure diseases. So they already know the benefits of it; it's just how do we bring them to a legal industry so that they can get the economic returns," he said.
Timeless Herbal Care, Epican and Everything Oily have formed an alliance to buttress their efforts to help propel the industry.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Banks will come running, says marijuana licensee
Author: ALPHEA SAUNDERS
Contact: Contact Us for Online Newspaper Advertising Costs & Rates in Jamaica - Contact Us - JamaicaObserver.com
Photo Credit: Getty Images
Website: Jamaica Observer: Jamaican News Online – the Best of Jamaican Newspapers - JamaicaObserver.com
