Business Barbados

Medicinal Cannabis in Barbados An Industry Poised for Growth Prime Minister Mia Amor Mottley and her government are working on a framework for the legalization of medicinal cannabis in Barbados. Ms. Mottley has noted Barbados can no longer afford to miss out on the emerging, multi-billion-dollar global cannabis industry. The legalization of medicinal cannabis marks a significant transition for a conservative Barbadian society. However, to maximize Barbados’ global market share and overall impact of the cannabis market, the government will need to complete proper due diligence, which includes considering social opposition, sensitization process and socio-economic factors. Nevertheless, this dynamic and sophisticated sector can be a catalyst in creating new jobs, new opportunities for local businesses and new revenues for the government. The legalization of medicinal cannabis also presents great opportunity for international investors. Local Sector Creation The Barbados business sector is poised to experience significant positive disruption should the cannabis industry and all its potential for Barbados be embraced. It can create new opportunities for research, cultivation, manufacturing, exportation and quality control standards. As cannabis legislation continues to evolve, there is a greater need for quality control. There is currently no standard body for governing and stipulating the quality control and 92 / Left to right: Chris Sulaiman, CPA, CA Tax Manager, Tax & Legal, Deloitte Ché Waithe Senior Consultant, Strategy & Operations, Deloitte Kishmar Lorde Associate, Tax & Legal, Deloitte