The Bermuda Monetary Authority has confirmed that it will not
object to BMA-supervised entities conducting cannabis business with
a licensed 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 BMA's position, issued in a notice, was made clear in
response to it receiving an increase in enquiries in respect of
licensing to re/insure cannabis related risk and the legalisation
of cannabis in Canada, which occurred in October 2018.
What this means for Bermuda is that companies can incorporate
here and, subject to the appropriate application and approvals, be
supervised by the BMA, and be allowed to re/insure cannabis-related
risk in foreign jurisdictions.
