Bank of Guam Leads the Way in Serving Cannabis Industry on Guam

Bank of Guam made headlines with its recent announcement of “Cannabis Banking,” becoming the pioneering financial institution in the region to provide comprehensive banking services tailored specifically for cannabis-related businesses (CRBs).

President and CEO Joaquin L.G. Cook emphasized the bank’s commitment to serving the community’s needs, stating, “It has always been the mission of our founder to serve the underserved and to provide access to safe and secure banking services to our communities. This now includes our cannabis-related businesses.”

Starting this month, Bank of Guam will offer deposit and lending services to legally licensed CRBs in Guam and Saipan. These businesses encompass various tiers, including Direct Cannabis-Related Businesses involved in cultivation, retail, processing, and more; Indirect Cannabis-Related Businesses providing professional services like legal and accounting support; Hemp-Related Businesses licensed for hemp cultivation or preparation; and Cannabidiol Businesses engaged in the sale of hemp-derived cannabinoids.

Guam’s regulated cannabis market, established in 2019 under the Guam Cannabis Industries Act, has faced challenges in its development. Despite legalization for personal possession and commercial production, issues such as permitting delays and the absence of crucial infrastructure like testing laboratories have slowed progress.

In response, Guam’s governor, Lou Leon Guerrero, announced an agreement with the U.S.-based company Metrc to oversee regulatory systems. Metrc’s comprehensive tracking system aims to ensure accountability and safety across the cannabis supply chain.

The anticipated growth of Guam’s cannabis industry aligns with broader recognition of the medicinal benefits of cannabis. Governor Guerrero highlighted the potential to enhance public services and provide alternative treatments and rehabilitation options, underscoring the industry’s positive impact on the community.

As Guam navigates the evolving landscape of cannabis regulation and industry development, Bank of Guam’s proactive initiative to support CRBs marks a significant milestone in fostering a robust and compliant cannabis sector on the island.