Can Medical Cannabis Save The Barbados Economy?

Over a year after the passage of Barbados’ Medicinal Cannabis Industry Act, the Caribbean island nation officially opened for business last month, January 2021.

The launch of the sector in the midst of the COVID-19 pandemic comes at an ideal time. The local Barbados economy, as well as the wider regional Caribbean economy have long been dependent on tourism for its ‘bread and butter’.  As a result, they are being hammered, and facing an economic crisis of major proportion.

Barbados Economy

The national debt of Barbados is now around US $6.35 billion. The International Monetary Fund, (IMF) noted that the prolonged COVID-19 pandemic continues to have a major impact on Barbados’ economy.