The Tribune

By Morgan Adderley

Tribune Staff Reporter

madderley@tribunemedia.net

MARIJUANA is an “industry that we should not turn our back on”, Caribbean Development Bank president Dr William Warren Smith has warned, adding it would be “foolhardy” for countries in the region not to capitalise on the opportunities the plant brings for the medical, agriculture and trade industries.

Describing the industry as “legitimate”, Dr Smith also expressed his belief that it is a “matter of time” before marijuana laws will change “across the region”. 

Noting other countries the world over have already taken up this mantle, Dr Smith implored the region not to be “left behind”. 

He also said he sees “no reason” why the Caribbean Development Bank (CDB) can’t be involved in funding academic research related to the industry. 

Dr Smith made these comments during a press conference held on Thursday to close the 49th annual Board of Governors Meeting of the CDB, held in Trinidad and Tobago. 

When asked if marijuana should be totally decriminalised or legalised and whether the bank would be interested in financing marijuana-related businesses, Dr Smith replied: “I think that medical marijuana and other aspects of the marijuana industry certainly are legitimate areas in which Caribbean countries, where the legislation has been passed, should become involved. 

“I believe that it is only a matter of time before across the region, generally, that marijuana laws will change and it will create the basis for wider production and wider trade in these products. I think that is only a matter of time.”

The CDB president noted this is occurring in the United States and particularly in Canada, as the latter has passed “extensive legislation” surrounding the industry. 

He also said Canadians are “already active” in the Caribbean, where they are investing in marijuana-related products - and noted other countries are doing the same. 

“I see no reason why ultimately the CDB cannot be involved in that type of work,” Dr Smith continued. “We can also be involved in financing research through the universities and other academic institutions.

“And there’s a tradition, a long-standing tradition, in virtually all of the Caribbean countries, of the use of marijuana, even when it was illegal.

“Now that it is becoming legal and there is more official recognition of the benefits that can be derived from the use of the marijuana plant, it is an industry that we should not turn our back on.”

Dr Smith also pointed to the potential for diversification of a number of existing industries. 

“And it is another opportunity for us to diversify our economies, it’s another way for us to diversify our agricultural sector, and also our agro-processing sector, and our medical industries,” he said.  

“So I think it will be foolhardy not to do so. A country like Israel is very, very well-advanced in taking advantage of the many benefits of marijuana. There’s a lot we can learn from Israel and other countries like Canada as to what can be done with that product. 

“If we don’t do it, believe me, other countries are going to do it and we’ll be left behind.”

Regional countries where cannabis is legal in some form include Jamaica, St Vincent and the Grenadines, Antigua and Barbuda, the Cayman Islands. 

The marijuana decriminalisation debate has been a hot-button issue in the Bahamas. Last month, Official Opposition Leader Philip “Brave” Davis confirmed his support for the decriminalisation of recreational marijuana and the expunction of the records of those who have been convicted of possessing small amounts of the drug.

Last July, a CARICOM committee released a report calling for the end of marijuana prohibition in the region.

Also last year, Public Domain released a poll which said 71 percent of 998 Bahamian residents surveyed believed marijuana should be legalised for medicinal purposes, and all respondents ranked marijuana as the least harmful substance by comparison to tobacco, alcohol, and sugar, across the board.

The Bahamas National Commission on Marijuana (BNCM) was also formed to “codify” Bahamians’ view on “all things related to marijuana” and make recommendations to the government on all positions concerning the drug.

The group has yet to report on its findings.