Roundtable Discussion Being Held on Cannabis Industry Concerns

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With issues surrounding the upcoming cannabis industry on the island, Attorney General Leevin Camacho plans to host a roundtable to discuss the concerns surrounding it.

PNC’s Althea Engman has more.

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Following a recent off-island trip to moderate a panel of cannabis experts, who discussed new policy debates within the cannabis industry. AG Camacho, together with the AG Alliance Cannabis Project, will bring experts to Guam for an upcoming roundtable discussion surrounding the issues of cannabis.

Last month The Cannabis Control Board announced CCB Rules and Regulations came into effect on May 30th by default due to a lack of action from the legislatures and will begin accepting and processing applications no later than 90 days after the regulations become effective on August 26th.

There were concerns brought up by members of the community regarding the new industry, such as social equity movements, and the status of changes to federal law that will impact the industry such as the banking system which Guam currently lacks.

AG Camacho said that “Whether we support or oppose it, cannabis is now legal in Guam.” And adds, “With the launch of the application period in just two months, our government needs to be better prepared to support new businesses and collect revenue while also combating illegal activity and protecting consumers, especially our children.”

Currently, for a substance drug, there are no banks on the island for cannabis-based businesses to use for their commercial account and according to Attorney Vanessa Williams in an interview with NewsTalk K57 that they are currently looking for a new banking system, and with the help of the bank commissioner are exploring third-party apps and how other jurisdictions use it.

There is no current information on who will be attending the roundtable and what exactly will be discussed, but it is tentatively set to take place on July 8th.

“Many of Guam’s concerns and issues are shared by other jurisdictions, including in areas
of banking, vertical integration, and inventory tracking,” said AG Camacho, “as attorney
general, you have to be a problem solver, and this roundtable is a part of our continued
efforts to help identify possible solutions to these issues.”