A roundtable discussion with cannabis regulation experts on the business aspect of the cannabis industry, while also "combatting illegal activity and protecting consumers" is tentatively set for July 8.
According to a press release from the Office of the Attorney General of Guam, additional details on the meeting will follow the Monday announcement.
AG Leevin Camacho is working with the Attorney General Alliance Cannabis Project to moderate a conversation on "common issues faced by jurisdictions during the launch of their cannabis industries," according to the press release. The AGA is a bipartisan group that includes 46 states and territories.
“Whether we support or oppose it, cannabis is now legal in Guam,” Camacho said. “With the launch of the application period in just two months, our government needs to be better prepared to support new businesses and collect revenue while also combating illegal activity and protecting consumers, especially our children."
The Cannabis Control Board had been communicating with the Banking and Insurance Board for the last couple of years, Vanessa Williams, chairperson of the CCB, has said. There has been much discussion on concerns that banks will accept money generated from cannabis sales and industry-related transactions.
That led to two concerns:
• Whether the government of Guam will have somewhere to deposit fees and taxes from cannabis businesses.
• Whether cannabis businesses and licensees will be safe if they have to operate on a cash basis.
The AG's press release also stated that other communities are tracking the industry's progression in Guam and are aware the Cannabis Control Board Rules and Regulations lapsed into effect on May 29. The application period opens Aug. 29, according to the press release.
Last week, Camacho moderated a panel of cannabis experts who discussed new policy debates in the cannabis industry such as Delta-8 THC, social equity movements, and the status of changes to federal law that will impact the industry.
“Many of Guam’s concerns and issues are shared by other jurisdictions, including in areas of banking, vertical integration, and inventory tracking ... as attorney general, you have to be a problem solver, and this roundtable is a part of our continued efforts to help identify possible solutions to these issues," Camacho said.