The Barbados Medicinal Cannabis Licensing Authority (BMCLA), the government's regulatory body for the medicinal cannabis industry in Barbados, recently held its first international cannabis conference - a groundbreaking event for the country's nascent regulated cannabis sector.

From the bustling expo floor to the captivating educational sessions, the BMCLA’s BAJCAN Cannabis Medical Conference and Expo provided a fertile ground for networking, learning, and exploring the ever-evolving needs of the medicinal cannabis market. The 2024 edition of this iconic conference featured a stellar lineup of about a dozen speakers, and a diverse showcase of exhibitors and panellists, showcasing, networking and sharing with some 200 persons.

The two-day event facilitated thought-provoking discussions and collaborations on a range of topics, including health, well-being, and palliative care with medicinal cannabis, insurance, research, patient care, and compliance.

However, one topic that permeated the event was the issue of banking for the industry. This was timely, as on the first day of the conference, the BMCLA signed a memorandum of understanding (MOU) with mMoney Inc., setting the wheels in motion for alternative banking solutions for the local medicinal cannabis industry.

mMoney is a mobile wallet application facilitating payments and transfers using a digital Barbados dollar. But why is this MOU so important for the industry?

The MOU between the BMCLA and mMoney is incredibly important because it addresses a critical gap in the industry. Commercial banks have been reluctant to do business with those in the medicinal cannabis industry, often preventing the movement of investor funds due to fears of negatively impacting their corresponding banking partners in the United States, where medicinal cannabis is not yet federally legalized. This resistance from the local banking community poses a significant challenge for investors and licensed operators in the industry. By facilitating payments and transfers using a digital Barbados dollar, the mMoney mobile wallet application helps to bridge this gap and enable greater financial access and mobility for the medicinal cannabis sector.

Chief Executive Officer (Ag.) Shanika Roberts-Odle explained:

“While we haven’t completely solved the banking issue, the MOU and partnership with mMoney brings us closer to a workable solution for the time being. The MOU between mMoney and the BMCLA establishes a partnership that enables our licensees and investors to conduct a range of financial transactions, including payroll and other activities, within the medicinal cannabis industry. This relationship with mMoney facilitates the secure, local, and legal movement of funds.”

Under the MOU, the BMCLA and mMoney will collaborate to develop a strategic plan for a solution that enables BMCLA licensed operators to use the mMoney app. Additionally, as the preferred digital wallet for the BMCLA and its partners, mMoney will seek to securely service entities in the medicinal cannabis space. This will ensure the information of all licensees using mMoney's services is safeguarded through its cutting-edge technology.

As the entire cannabis community continue to wait for the United States to end its it protectionist position on a federal level, the BMCLA will continue to pursue all viable alternative to end this financial embargo.