Barbados—Dentons recently participated in the panel discussion “Year One” hosted by the Barbados Medicinal Cannabis Licensing Authority as the highlight of their first anniversary celebrations. Chicago-based partner Eric P. Berlin and Robert Simmons Global Services Manager for the Caribbean represented Dentons as panelists and shared their perspectives about the financing and spending issues associated with the cannabis industry.

Eric Berlin, one of the United States most sought-after cannabis lawyers, stated in the financing chapter "Legalized cannabis is one of the fastest growing global industries with tremendous promise for medical uses as well. State regulated and taxed retail sales of cannabis in the United States exceeded US$20 billion in 2021 and are projected to grow 20% year-over-year. Yet, cannabis remains federally illegal in the U.S., which has significantly limited the availability of routine financial and banking services to many industry participants and impacts the industry’s global spread." Robert Simmons also spoke about crypto-currency and how it could play a role in alleviating financing concerns.

Alongside Eric and Robert, the Dentons team was joined by other consultants, growers, advocates and diverse key actors within the cannabis industry of Barbados and other leading and emerging Caribbean jurisdictions who expressed their concerns and frustrations with the challenges that the cannabis industry faces when it comes to payments and financing. Topics such as over-taxation, over-regulation, anti-money laundering laws and banks being risk adverse coming out of the recession are some of the current issues. However, there is also exciting news coming for the industry, such as apps and digital tokens that would allow people to buy and pay for their medicinal cannabis products without the need for using cash which is the most used method in the U.S. nowadays.

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