Last Updated on March 11, 2020, 4:09 AM AST by Anthony Morris
Saint Vincent and the Grenadines has started the cannabis cultivation amnesty program, which was long-awaited. The program is a significant move to bing cultivators of illegal cannabis into the legal industry.
The amnesty program will allow individuals, who have cultivated illegal cannabis and would otherwise be convicted for the illicit cultivation of cannabis in accordance to the law, to surrender their crop or harvest after the issuance of a traditional cultivation license.
The bill that had created the program, which was known as the Cannabis Cultivation (Amnesty) Bill, was passed by the House of Assembly in December 2018, as part of the set of legislation that legalized medical cannabis. Prime Minister Ralph Gonsalves announced the program’s launch on March 2.
A provision in the present law states that the House of Assembly should reauthorize this law after one year.
The amnesty arrives simultaneously with another significant cannabis reform in Saint Vincent and the Grenadines which is the decision made by the Government to grant permission for licensed cultivators of cannabis to open bank accounts with the state-owned Bank of Saint Vincent and the Grenadines.
The bank accounts will allow the account holders to accept investments directly, and complete financial transactions with, legal entities from countries with established cannabis industries.
Saint Vincent and Grenadines is the only Caribbean island that has been able to establish a firm basis in terms of banking, which would allow license holders to move money and do business legally between Saint Vincent and Grenadines, Europe and Canada.
However, United States banking regulations still appear extensive for the nation because cannabis is illegal in the US, so it becomes risky for financial institutions in other countries to work with cannabis companies for fear of endangering banking relationships in the United States.
Still, Thompson said that the Bank of Saint Vincent’s willingness to incorporate the risks is a vital step for the regional cannabis industry where many islands across the Caribbean are looking to benefit from the global developments in the industry.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
