Minister of Agriculture and Food Security, Indar Weir.
Government is set to launch this country’s medicinal cannabis industry tomorrow, and already there are several potential investors showing interest in helping to take that sector to the next level.
Minister of Agriculture and Food Security, Indar Weir, under whose ministry the medicinal cannabis industry falls, revealed in an interview with The Barbados Advocate that there are as many as 50 prospective investors – local, regional and international – who may be applying for licences to operate.
The Minister made it clear, however, that there is no guarantee that all who are interested will be granted licences, explaining that there is a stringent process in place to vet applications. But he is confident that the industry will get the investment it needs to start on solid footing.
His comments came as he indicated that the Barbados Medicinal Cannabis Licensing Authority (BMCLA) has been working around the clock to meet tomorrow’s January 18 launch date. He said while they have had to abandon plans for a face-to-face event because of the recent spike in COVID-19 cases, which has necessitated a ban on gatherings for the time being, they intend to release the new jingle and will be promoting the start of the application process.
Weir noted that since the Medicinal Cannabis Industry Act was passed in 2019, efforts have been moving apace to develop the industry, which if successfully established is set to be a major foreign exchange earner for the country. As part of that work, he disclosed that steps have been taken to ensure that as it relates to the banking sector, the BMCLA can accept payment for applications.
“In terms of banking we’ve been able to work out a solution through the Cannabis Licensing Authority using a system similar to PayPal, so that we are able to receive payments legally and without us then being pursued for any AML [anti-money laundering] issues,” he stated.
The agriculture minister pointed out that the medicinal cannabis industry globally rakes in billions of dollars, and he believes Barbados is poised to make its mark and become a centre of excellence for medicinal cannabis research and development (R&D).
According to Weir, they will use the Home Agricultural Station for R&D into cannabis strains and cultivars, and set-up a state-of-the-art lab there to develop a Barbadian-brand cultivar that will be unmatched. While acknowledging that such a goal will take time to achieve, he is adamant that the country is in a good position to achieve it.
His remarks came as he explained the Government’s focus is not only on medicinal cannabis, but on all the value added that can come from developing that industry. As such, he indicated that apart from the agricultural component, there are opportunities for persons to learn new skills which would result in other business and jobs opportunities for Barbadians.
“For example, a medicinal cannabis industry would require a lot of traceability so it provides an opportunity for people who are involved in IT. Prospects also exist for security firms, which can leverage the opportunities that are available, because the more investors you have, the more cultivation that is taking place and the more security that will be needed, and those are not all,” he said.
Minister Weir, adamant that no Barbadian interested in being part of the industry will be left behind, said that he stands ready to prove that.
“I have asked the Barbados Medicinal Cannabis Licensing Authority to tell me how I can go forward with a policy directive to determine how interested Barbadians, who may not have the financial resources, can get access to funding. We have to find a mechanism to assist them but it will not be free money, they have to treat it as a business,” the minister insisted.