Medicinal cannabis businesses secure access to banking
The Medicinal Cannabis Authority says licensed operators will be able to open business accounts, make deposits and run payroll.
BASSETERRE, St Kitts. Licensed medicinal cannabis businesses in St Kitts and Nevis will be able to use local banking services, the St Kitts and Nevis Medicinal Cannabis Authority (MCA) has announced.
The MCA said a major local bank is prepared to accept proceeds from licensed operators and provide deposits, business accounts, payroll management and other services. The Authority and its legal consultant met the St Kitts-Nevis-Anguilla National Bank on Wednesday, in what it described as a successful meeting.
The MCA has retained banking and finance lawyer Saboto Caesar as a legal strategic consultant. Technical help on the track and trace system, which the law requires before the industry can open, was provided by Growers IQ and Steve Maximay.
"A defining moment for our industry," said MCA Chief Executive Officer Nadiv Mills.
The Authority credited the direction of Minister Samal Duggins. Talks with other banks and credit unions will continue in the coming weeks.
