The Barbados Medicinal Cannabis Licensing Authority (BMCLA) says two local licensees with a combined nine licenses have been approved to enter the cannabis businesses.
“We are excited and very happy to have the Board approve these licenses, with Cabinet’s approval. Barbados is moving towards an ambitious new industry and our strategic plan clearly sets out bold targets to fully realize the potential of this market,” said BMCLA acting chief executive, Shanika Roberts-Odle.
“This first set of licenses represents a new economic sector under the medicinal cannabis industry, which will drive economic diversification across existing local sectors, stimulate job and training opportunities and encourage local, regional and international investment and entrepreneurship,” she added.
Roberts-Odle said in her previous role as the program administrator with responsibility 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 a great step for the island’s entrance into the medicinal cannabis sector and all the businesses must first pay 60 percent of their total license fees before their five-year license is issued.
“The BMCLA has allowed for the payment plan for all applicants who are approved which includes a 60 percent upfront payment of the total fees and then the option to pay the remaining 40 percent of the total costs either monthly, quarterly, or annual.
“However, the total payment must be completed in the first three years of their five-year license. We did this to assist the licensees in their ability to pay for their license (s) while they attend to other business costs to get their operations off the ground,” said Roberts-Odle.
To date, there are more than 100 users registered at various stages with the BMCLA’s online system, with close to 20 applicants requesting 38 licenses.
Roberts-Odle advised that while the Barbados Medicinal Cannabis Licensing Authority worked assiduously to submit applications to the Board for approval in the four-month time frame, it was important for people to understand the “life cycle” of applications so they can appreciate the time it takes to process and what sometimes can cause a hold up at various stages.
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