Canadian Banks Are Leaving Legal Cannabis Businesses Out In The Cold And More Global Weed Updates

St Kitts And Nevis To Harness The Economic Power Of Medicinal Cannabis

During last week’s inaugural Caribbean Medico-Legal Cannabis Conference dubbed CANNA-BLISS, St Kitts and Nevis Prime Minister Dr. Terrance Drew unveiled the nation’s intentions to use the economic potential of medicinal cannabis.

"The nation stands on the precipice of a transformation era," PM Drew said at the conference. "The new era is one that heralds not only the evolution of healthcare practices here but also a revolution in economic sustainability for St Kitts-Nevis."

Drew added his vision of cannabis extends well beyond its medical benefits, reported Associates Times.

"It is intertwined with the very essence of the transformation of our nation into a sustainable state," he said. "Today, I emphasize the vital linkage of cannabis production to not just economic diversification but also to the crucial aspect of food security."

Canadian Banks Are Leaving Legal Cannabis Businesses Out In The Cold

According to industry advocates, the unwillingness of Canada’s major banks to engage with the legal cannabis industry results in undermined accountability and support of the country's black market.

The Ottawa-based Cannabis Council of Canada which works with licensed cannabis businesses said Alterna Savings was the only enterprise it managed to get an account from, as opposed to Canada's five biggest banks that refused collaboration, writes National Post.

"We don't touch cannabis, we work with regulated players," George Smitherman, president and CEO of the Cannabis Council of Canada, said. "Still, the only (bank) we can get an account from is Alterna Savings."

Canada took a bold step by legalizing recreational cannabis in Oct. 2018, to enhance public health, improve safety and reduce the associated legal consequences and crime rates. Even though the country is entering its sixth year of legal marijuana, banks remain reluctant to do business with cannabis businesses.

Moreover, the services Alterna Savings is charging the Cannabis Council of Canada with are steep.

"Because we're in the cannabis space, they charge us $4,000 per year and $100 a month for basic banking services, and I'm talking about an organization with less than $1 million in annual activity," Smitherman said.

Thailand's Weed-Based ‘Happy Drinks' Are Finding Their Way Into Neighboring Countries

Thailand‘s marijuana legalization efforts over the years have transformed the country into a regional hub for weed product development and cultivation.

As a result, there has been a surge in the availability of cannabis products in the market, with a portion of these products making their way into stores in neighboring Laos, reported Radio Free Asia.

More precisely, the so-called "happy drinks," or juice and carbonated beverages contain up to 0.2% tetrahydrocannabinol (THC).

However, the Law on Narcotics (2007) and the Penal Code (2017) still prohibit the production, trade and use of recreational cannabis in Laos.

In the capital city of Vientiane, a police officer verified to RFA that only cannabis products approved by the Lao Ministry of Health for medicinal use are allowed for sale in the country.

"The sale of cannabis is prohibited," the officer said. "We regularly inspect shops and stores, and if we see it, we'll confiscate it."

Missed the first wave of cannabis investments? Don't make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
 Just this year, the PotProfits portfolio has seen smoking-hot gains like:

•  47.10% with $GTBIF
•  40.23% with $TCNNF
•  21.50% with $VFF

 But here's the kicker: Michael is about to release his next potential winners, and he's chomping at the bit to share these ticker symbols with you ASAP.

Don't miss out on the green rush!