Licences for Barbados’ medicinal cannabis industry have been issued to two Barbadians to the value of about $1.5 million in licence fees this year.
This was disclosed by Minister of Agriculture and Food and National Security Indar Weir who told the House of Assembly yesterday his Ministry was now waiting to approve several other licences, but so far there had not been any international investors getting licences.
While leading off debate on the Protection of Agricultural Products Bill 2022, which was subsequently passed, Weir told the House the cannabis industry had a “30 per cent carve out for Barbadian ownership in international investment,” ensuring that Barbadians would be part of the industry’s ownership structure no matter how that structure was viewed.
Last month chief executive officer of the Barbados Medicinal Cannabis Licensing Authority Senator Shanika Roberts-Odle announced that two licensees with a combined nine licences had been approved to enter the cannabis businesses. She said both licensees were Barbadian owners.
The medicinal cannabis application portal opened on January 18, 2021. Businesses are required to first pay up 60 per cent of their total licence fees before their five-year licence is issued. Applicants are given payment options for the remaining 40 per cent and total payment must be completed in the first three years of the five-year licence. (GC)