The validation of the Industrial Hemp and Medical Cannabis Strategy and Policy held today in Port Vila is expected to bring a sense of comfort and confidence to commercial banks in Vanuatu.

Currently, one of the main obstacles preventing operations within the hemp and cannabis industry is that commercial banks have not allowed license holders to open accounts or receive funds.

According to the Acting Manager at the Office of Industrial Hemp and Medical Cannabis, today’s validation workshop brought together key stakeholders to clarify processes and strengthen industry transparency. This, he said, is an important step in gaining the trust of financial institutions to support the industry.

“When it’s ready, the strategy will give some level of comfort to the industry and even to banking institutions, who were part of the risk consultations. The amendments aim to ensure traceability and proper management because, as we know, the cannabis plant is sensitive and must be developed in a responsible way that everyone is comfortable with,” he explained.

Director General of the Ministry of Agriculture also noted that once the strategy and policy are in place, banks will have a clearer understanding of the regulations and will be expected to cooperate.

He added that if banks continue to refuse compliance, the government will step in to provide alternative options.

“We want the President to ascend to the amendments as soon as possible and see how the banks react. If they still close their doors, we will employ government processes to make sure the industry gets on its feet and takes off. From the ministry’s side, we aim for companies to begin operations by 2026,” he said.

The new strategy and policy mark a major step toward unlocking Vanuatu’s Industrial Hemp and Medical Cannabis industry, ensuring both safety and economic opportunity for the nation.