MONTEGO BAY, St James —At least one Jamaican financial institution is pledging support for potential investors when Government establishes the industrial hemp industry.

“As the CEO of Dolla Financial Services, we remain committed to the position of fuelling economic growth in Jamaica. Once the industrial hemp industry is established, specially designed facilities will be developed for our stakeholders to invest beyond cash flow to purchase equipment towards the whole processing of the plants, as well as to invest in infrastructure,” CEO of Dolla Financial Services Kadeen Mairs announced during the closing session of the recently staged Build Expo and Conference 2018 at Montego Bay Convention Centre in St James.

Dolla Financial Services, the four-year-old microfinance and cambio outfit of Stocks and Securities Limited (SSL), has six branches across the island.

In August 2015, Mairs sold M24 Investments – a micro-finance company he started in Lucea, Hanover in 2014 when he was 24 years-old — to securities dealer SSL.

Mairs, along with American, Will Fidroeff and Kevin O’Rourke, president and CEO of Peaks Green Constructors Inc in Toronto, participated in the final panel discussion at Build Expo and Conference 2018 under the theme: ‘Industrial Hemp: Development at a higher Level’.

Speaking at the recent Jamaica Credit Union League’s 77th Annual General Meeting and Convention at Hilton Rose Hall Resort and Spa in St James, Minister of Industry, Commerce, Agriculture and Fisheries, Audley Shaw noted that credit unions in Canada are providing the medical cannabis industry with financial support, and charged credit unions in Jamaica to follow suit.

“I am saying that the credit unions are involved in the banking of cannabis in Canada and I am saying to you, you might very well have to be part of that process here,” Shaw challenged.

The minister continued.

“The process, by the way, is not about violating any law; it’s about sproviding an opportunity outside of the main banks that maybe are concerned about the immediate problems of de-risking in terms of the international situation,” Shaw argued.

At the opening of the conference, Shaw announced that the Government is strongly considering the facilitation of a top- tier motor vehicle company which wants to cultivate industrial hemp in Jamaica.

“A major motor car company is interested to grow hemp in Jamaica for use as an alternative in the fabric and decoration of their vehicles,” Shaw announced. “That is being actively pursued right now,” he added.

Jamaica Labour Party councillor, Dwight Crawford, conceptualiser of Build Expo, is championing the cause of transforming idle sugarcane lands into the cultivation of industrial hemp, arguing that industrial hemp is also more environmentally friendly.

“Industrial hemp will go directly to the use of textilecommercial material — all of the material for construction. I think it is a little more environmentally friendly than all the other things that we have been using over the years to produce textiles, where we have to chop down trees and mine lands. Hemp is definitely a good solution,” Crawford informed.

Crawford received strong support from chairman of the St James Municipal Corporation, councillor Homer Davis.

“Councillor Crawford has embarked on the idea of putting our cane lands into growing hemp that can be used in the construction industry. You have the support of the St James Municipal Corporation,” Davis stressed.

Fidroeff made the point that industrial hemp can be reaped in 100 days, making the case that it offers the opportunity to be “a great cash crop option”.