Jamaica’s New Export Regulations Has Again Been Deferred

Jamaica’s New Export Regulations Has Again Been Deferred

In Jamaica, the new export regulations that were set up to assist the marketable export of medical cannabis with the only intention of boosting the country’s businesses competitive on the global stage has again been delayed due to erasing of the final rules by the ministries. The Agriculture Minister Audley Shaw had earlier declared that the regulations would be finalized by September but nothing seems to have finalized. The regulations are on the advanced stage is what the Legal officer for the Agriculture Ministry (MICAF), Yvette Reid, has to say. The draft regulations, consultations, drafting instructions, and all the necessary procedures have already been finalized.

But MICAF has announced that it is still in talks with the Ministry of Justice. However, by the fiscal year, the Ministry of Justice is expected to sign off the new regulation and the Jamaican government considers March 2020 as financial year-end. The rule is essential to maintain the viability of the medical cannabis industry in the country as the local market cannot uphold the large businesses. The new export rules could possibly help the industry develop. The Cannabis Licensing Authority could obtain an overview of the import, export, transit, and trans-shipment of cannabis & its extracts. If the regulation is passed, then Jamaica will also become an export regime for cannabis. For gaining popularity in international trade, Jamaican cannabis must be branded and marketed on a large scale. The government has a different set of policies meant for smaller businesses. In order to help Jamaica move forward, the new steps are been taken and it is expected to boost their economic potential in the competitive cannabis industry.

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On a similar note, Jamaica wants to export medical ganja across the globe but as per the Jamaican trade minister, the US is standing in its way. Jamaica’s new export regulations have already started attracting large companies like Canopy Growth Corp. and Aphria Inc. They want to export home-grown ganja to countries like Germany and Australia but its banking system is inextricably linked to the US’s where the drug is considered to be illegal on the federal level. The US House of Representatives recently passed the Secure and Fair Enforcement Banking Act to help banks do business with the cannabis companies but country-to-country or correspondent banking is not allowed, which leaves Jamaica in great jeopardy.

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