Did Jamaica get cheated out of ganja revenues by CIA/America in the past, and now, recently, by dotish politicians who are reluctant to monetize cannabis?
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Jamaica and Ganja
In reply to Curtis
I think it has more to do with the fact that the banks cannot engage in any business activity with players in the ganja industry.
In reply to nitro
Why? It's legal elsewhere, why not legalize?
If legalized, those players become legit.
In reply to Curtis
The correspondent banks in the USA will cut ties with any of the local entities banking them.
The local banks cannot survive without the big American banks.
In reply to nitro
So the 'big' American banks don't do business with ganja farmers in the united states an elsewhere?
In reply to Gun_Play
Maybe in states that have legalized it. It is still illegal under Federal Law hence considered money laundering.
In reply to nitro
Wow, another artificial barrier to capitalize on a brand/product made in Jamaica, if true
Cannabis stocks trade on stock markets, Canadian gov't sells weed, legal in many States in US, grown widely, legally in North America.
That's why I doubt the bank blocker
In reply to Curtis
Doubt it all you wish but the banks themselves said this. It's not new news. There were even news reports on MSNBC no less in the States that big banks weren't funding marijuana industries- too cash oriented and the federal laws. The dealers are funded by smaller banks.
Jamaica's banks' corresponding relationships are with the big banks. The government here had talked about using other measures to support the industry. There was also talk to take marijuana of the UN schedule one list to allow for this to happen as well as using maybe our credit unions.
In reply to michaelmax
So this is a prime example of Babylon oppression. Keeping Jamaica out of the market. RBC, Scotia, and CIBC, as owner of First Caribbean, are all Canadian banks dealing with corporate ganja farmers.
C'mon Yardies, think!!!
I suspect your government has not bought into weed as a viable commodity, plenty ole conservative farts ah run tings.
In reply to Curtis
I believe here CIBC is now RBTT so the ONLY Canadian bank is Scotia. Relationships are with US not Canadian banks and there are other issues as mentioned. But one does not negate the other.
In reply to michaelmax
CIBC is now FirstCaribbean and RBTT is now Sagicor.
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