Tue | Dec 12, 2017

​UPDATED: Financial institutions showing interest in ganja industry

Published:Monday | November 13, 2017 | 11:20 AMJohn Myers Jr
marijuana plants.

It appears that there has been a turnaround in the position of local financial institutions, which up to a few months ago, had dismissed the possibility of doing business with stakeholders in Jamaica's fledgling ganja industry.

Speaking with The Gleaner/Power 106 News Centre last night, member of the Ganja Growers and Producers Association of Jamaica, Richard Crawford said several local financial institutions are now expressing interest in exploring the possibility of forging partnerships with players in the local ganja industry.

 

A member of the Ganja Growers and Producers Association of Jamaica, Richard Crawford

Crawford says the fact that financial institutions have now started to express an interest in ganja, means there is potential for it to become a major industry in Jamaica.

One local producer of medicinal ganja products estimates that Jamaica's ganja market could be worth as much as $1.5 billion.

*Note: Contrary to the assertion in an earlier version of this article, NCB maintains that it cannot facilitate transactions with ganja growers, at least for now.