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Investors dropping out as cannabis legislation gets red tape from UK

Investors dropping out as cannabis legislation gets red tape from UK

Just a couple months ago, Premier Andrew Fahie announced his government was partnering with investors to develop the BVI’s germinating medical marijuana industry. Yesterday, the territory learnt that investor-interest was now dropping.
Premier Fahie said investors were dropping out because Governor Augustus Jaspert has not assented the Cannabis Licensing Act — legislation that sets the framework for the establishment of a medical marijuana industry in the BVI.

“We have seen that there are potential investors that we have lost due to the lapse in time and we understand that their interest have gone other places and this room for concern because when we pass the cannabis legislation,” Fahie said in the House of Assembly on Monday, December 14.

Governor Jaspert disclosed in a statement last week that before the legislation can be assented, the BVI must work with UK officials to establish into law, a Cannabis Authority that will monitor the local industry.

Governor Jaspert said this is something that the BVI government has to do with the UK Foreign Office, adding that this is now out of his control.

Premier Fahie has since said he hopes “this is not something done to stall us (the BVI) further but something that is done to help push forward this matter and have it done very quickly”.

“We were proactive and diligent that all the measures in the bill met what the United Nations stated and beyond so we are not in violation. And we kept saying that all the time. There is no legal violation so we couldn’t understand why it was not being assented to,” Fahie argued.
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