The Barbados Medicinal Cannabis Licensing Authority (BMCLA) continues to struggle with major lending institutions refusing to engage with the industry.
“The banking institutions have consistently made their position known – they are not willing to engage. And while we respect their position, that cannot and should never stop progress in this country. In Barbados, as far as I am aware, the credit unions bank with the banks and, therefore, the banking policy is, in some cases, the credit union policy.
“We have had some interest from some credit unions in the initial phases. However, they have been advised that if the banks are not engaging, they cannot engage either,” said acting chief executive officer of the BMCLA, Shanika Roberts-Odle.
Roberts-Odle was addressing the media yesterday during the official launch and a tour of Island Naturals, a new medical facility in Sheraton Mall, Sargeants Village, Christ Church, which offers medicinal cannabis treatments.
She said this was why the BMCLA was forging a partnership with entities such as M-Money.
“What we have been able to do is come to some agreements with M-Money, which has been a fantastic partner. We are hoping to really solidify that and make that option open to Barbadians. But the reality of the situation is, [it is the] full intention of my staff, of my minister and of this Government, is to continue in any area that is to the benefit of Barbadians,” she said.
Cash
In the meantime, any transactions concerning medical cannabis have to be done strictly in cash.
Roberts-Odle said Island Naturals was a full-service medical facility which also offered pharmaceuticals and various therapies, adding it included two doctors and a psychologist on-site.
“Remember, we do not own any of these facilities. We merely regulate and where we deem it appropriate to facilitate what is a new industry to Barbados. The reality of new industries is that it takes time to grow and I appreciate the fact that Barbadians have been patient with us as we have continued to delve into this new industry, which we hope can only grow to the benefit of Barbadians,”
she said, adding they had approved 11 licensees so far, with 33 licences across the spectrum.
However, Roberts-Odle reminded the public that recreational cannabis remained illegal and sacramental cannabis was under the purview of the Attorney General’s Office.
General practitioner, Dr Sheena Weekes, conducted a tour of the facility. Afterwards, she told the media they did not deal with the marijuana plant but instead used creams, oils and vapes. She said there was always a risk with any medication, but they screened potential patients to ensure they had a low risk of becoming addicted and they then monitored them closely and routinely reviewed them.
“One of the benefits of medicinal marijuana products, for example, is the variety of tinctures, which we have. These are products that are very useful for people with chronic pain and they give the patient an option that is not an NSAID [a non-steroidal anti-inflammatory drug] which, over time, can damage the kidneys.
“They are also not an opioid, so it reduces the risk of dependence and addiction. So, it gives patients, for example, who have chronic pain due to cancer or chronic pain due to things like MS (multiple sclerosis) or endometriosis, it gives them an option to reduce their pain with a bit more control. The tinctures can be controlled by patients in terms of how many drops they use and it also gives them an option for something that they can use long-term with fewer side effects than what may be medically available right now,” she said.
(CA)
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