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The Vanuatu preparing to unblock its industries hemp and of medical cannabis, long paralyzed, as lawmakers debate a new bill aimed at removing the financial barriers that have crippled these sectors since 2021.
The bill, currently being considered by Parliament, aims to amend the Industrial Hemp and Medical Cannabis Act of 2021, which legalized the cultivation, manufacturing and export of industrial hemp and of medical cannabis licensed. Despite its initial promises, this framework remained inactive due to a major flaw: local banks refused to open accounts or process transactions from authorized operators.
Without an explicit legal guarantee protecting financial institutions working with cannabis companies, investors and producers have been unable to start operations, even those with licenses valid for 10 years. The reform currently under discussion would officially allow banks to provide services to this sector, a measure which should finally allow the 2021 law to be applied in Vanuatu’s 82 islands.
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