Economic network

The Barbados Medicinal Cannabis Licensing Authority approves licenses for the cannabis sector

The Barbados Medicinal Cannabis Licensing Authority (BMCLA) reports that two local license holders with nine combined licenses have been approved to enter cannabis businesses.

“We are delighted and very pleased that the Board is approving these licenses, with Cabinet approval. Barbados is moving towards an ambitious new industry and our strategic plan clearly sets bold targets to fully realize the potential of this market,” said Shanika Roberts-Odle, Acting Chief Executive Officer of BMCLA.

“This first set of licenses represents a new economic sector in the medicinal cannabis industry, which will stimulate economic diversification in existing local sectors, stimulate employment and training opportunities and encourage local investment and entrepreneurship, regional and international,” she added.

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Roberts-Odle said that in her previous role as program administrator responsible for licensing and applications, the team had worked diligently with applicants since the application portal opened on January 18, 2021.

She added that the approval of the nine licenses was an important step for the island’s entry into the medicinal cannabis sector and that all companies must first pay 60% of their total license fees before their license can be issued. of five years is issued.

“BMCLA has authorized the payment plan for all approved applicants, which includes an initial payment of 60% of the total costs and then the option to pay the remaining 40% of the total costs either monthly, quarterly or annually.

“However, full payment must be made within the first three years of their five-year license. We did this to help licensees in their ability to pay for their license(s) while they take care of other business costs to get their operations started,” Roberts-Odle said.

To date, there are over 100 registered users at various stages with the BMCLA online system, with nearly 20 applicants applying for 38 licenses.

Roberts-Odle said that while BMCLA was working diligently to submit applications to the board for approval within the four-month deadline, it was important for people to understand the “life cycle” of applications so they could appreciate how long it takes to process and what can sometimes cause blockage at different stages.