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.
Last week, the National Commercial Bank (NCB), said it was exploring the possibility of doing business with stakeholders in the ganja industry.
This is a major turnaround for NCB, which had feared such a move would affect its correspondent relationship with banks in the United States.
Crawford says the fact that NCB and the other 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.