President of the Caribbean Development Bank, CDB, Dr. Warren Smith, says the bank is open to funding marijuana-related projects.

Dr. Smith was speaking at a press conference this afternoon, as the CDB’s annual Board of Governors meeting came to an end.

Our Business and Finance Editor, Kalilah Reynolds, has been covering the event in Port of Spain, Trinidad and Tobago.

The issue of financing for legal marijuana operations came up during discussions about the state of agriculture across the region.

It’s agreed that ganga, especially its medicinal uses, can be a lucrative industry in the Caribbean.

But those involved in the industry cite access to financing and banking services as a major hurdle.

Dr. Smith says the bank is willing to help, especially with providing funding for research.

He says if we in the region don’t do it, others will.

And he says governments and the financial sector shouldn’t turn their backs on the industry.

The CDB President says the burgeoning ganja industry can provide a boost to several areas of the economy.