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ARTICLE · 03 DECEMBER 2019

Bermuda Monetary Authority Forms View On Cannabis Related Risk

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On 12 November 2019 the Bermuda Monetary Authority (BMA) released a notice in response to an increase in enquires in respect of licencing to re/insure cannabis related risk and the recent legalization of cannabis in Canada.

BermudaCannabis & Hemp
Brad Adderley
Brad Adderley
Matthew Carr
Matthew Carr
Josephine Noddings
Josephine Noddings
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On 12 November 2019 the Bermuda Monetary Authority (BMA) released a notice (Notice) in response to an increase in enquires in respect of licencing to re/insure cannabis related risk and the recent legalization of cannabis in Canada. The Notice outlines the BMA's favourable view towards such licencing.

In the Notice, the BMA confirmed that it will not object to BMA-supervised entities conducting cannabis business with a licenced cannabis cultivator, processor or seller, so long as the conduct of the cannabis business is legal at all levels within the country in which it is operated. The Notice stresses that it is the BMA-supervised licenced entity's responsibility to understand the application of foreign laws and be in compliance therewith.

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