One advantage of storing one's wealth in cryptocurrency is anonimity. This therefore means one can store and move
wealth around with a great degree of privacy both in completing the transaction and not having necessarily to
disclose the source of the funds. Jamaica has always had large scale marijuana cultivation but as we move towards
getting the industry legally commercialized, many hurdles have presented themselves. There is great fear amongst
ganja stakeholders as concern surrounds hwere the revenue will be stored. As US federal law still frowns upon
marijuana based on United Nations Conventions on Dangerous Drugs, many local banking entities have expressed that
they face being disassociated from their American counterparts if they receive marijuana revenue.
Chairman of the Cannabis Licensing Authority (CLA), Hyacinth 'Cindy' Lightbourne raised the concerns that US
banks have to comply with federal laws and regulations, and Jamaican banks are dependent on US banks for
international transactions. Some US banks are already engaged in the process of "de-risking" their relationships with
institutions in Jamaica.
To begin with, Jamaica is seen as having a 'high-risk' profile, compounded by the fact that the emerging ganja industry
is still regarded as "highly unregulated, hobbling along without the support of robust and internationally recognised
regulations".
Similar roadblocks have been encountered by the pharmaceutical industry as well. It really makes very little sense to
invest if the banking systems are unwilling to take money garnered from ganja trade and investment
Overall, ganja enterprises not being able to bank would mean that the industry would have to transact
business in cash, increasing its exposure to serious security and financial risks at a time when there
is a push among businesses to go cashless. One insurance executive also pointed out that it would be expensive
to insure enterprises in the ganja industry.
Lightbourne also responded to a suggestion that a trust fund could be set up, explaining that it was difficult for
banks or any credit union to, in any way, assist the industry at this time because they were all subjected to the
rules and regulations of the Bank of Jamaica, which operates under strict international guidelines.
As institution desperately hope the banks find a way forward, Caricoin is still in negotiations with the Bank of Jamaica
to integrate cryptocurrency developed and maintaned businesses in Jamaica. Is cryptocurrency the way forward for the
hundreds of thousands connected to the marijuana industry locally both directly and indirectly? Will this be the way
forward for farmers, pharmaceutical institutions, transporters and even researchers locally?
As we wait for further developments, the cannabis industry is worth billions in value and is projected to outsize both
cigarette and alcohol combined.