CDB could invest in legal ganja

THE Caribbean Development Bank (CDB) could invest in a legal marijuana industry in the Caribbean. CDB President Warren Smith made this statement at the end of the bank's 49th Annual Board of Governors meeting at Hyatt Regency, Port of Spain on Thursday.

At a news conference, Smith said, "I see no reason why, once the legislation is passed, the CDB cannot be involved in that type of work."

At an agriculture seminar held at the same venue on Wednesday, CDB director (projects department) Daniel Best said the bank was not investing in marijuana at this time. Best indicated marijuana was "still an illegal commodity" in many of the CDB's member countries.

Smith told reporters, "I believe that it is only a matter of time, before across the region generally, the marijuana laws will change."

Once that happens, Smith believed it would "create the basis for wider production and wider trade in this product." He said the benefits of medicinal marijuana were already known in Caribbean countries where the legislation had been passed. Smith also observed there was a long-standing tradition in virtually all Caribbean countries about "the use of marijuana even when it was illegal."

With marijuana now becoming legal, Smith said there was "more official recognition of the benefits that can be derived from the use of the marijuana plant."

He added, "It is an industry which we should not turn our back on."

Smith said marijuana provided an opportunity for the region to diversify its economy, agricultural sector, agro-processing sector and medical industry. He also said it was possible the bank could become involved in financing research on marijuana through the universities and other academic institutions.

Smith said if the Caribbean did not seize the opportunity "other countries are going to do it and we will be left behind." He said a "a lot of the action today" regarding legalisation of marijuana was in Canada. Apart from extensive legislation being passed in Canada to legalise marijuana, Smith said, "The Canadians are already active in the Caribbean in investing in marijuana-related products," and other countries were following their lead.

Smith identified Israel as another country which had recognised the benefits of legalising marijuana.