by Amy Wilding-Fox
In April of 2019, adult consumption, possession and personal cannabis gardens became legal in the U.S .Territory of Guam. Crossing that hurdle has been half the battle, as the exchange or sale of cannabis products is still unlawful leaving many residents without a safe and legal way to acquire marijuana.
The Pacific Daily News reports Guam will finally be accepting license applications for retail cannabis locations beginning August 29th. After three years of polishing the policy, The Guam Department of Revenue and Taxation released the general application guidelines which include these points:
- Only a “responsible official” approved by the Cannabis Control Board can submit applications, documents, and reports for a cannabis business, including applying for a license and permit to operate.
- Responsible officials must be at least 21 years old, own the business, or be responsible for operating the business, and cannot be convicted of manufacturing or distributing Schedule I or Schedule II controlled substances, except for cannabis.
- The responsible official is accountable for any actions by the business owners, officers, managers, employees, or agents that violate the adult-use cannabis law or industry rules and regulations.
- Responsible officials must pay a $1,000 fee.
Having begun the process toward a creating legal cannabis market, Guam is still trying to sort many issues out. For example, Guam—bound to uphold U.S. federal banking regulations—must navigate the myriad requirements of banking cannabis businesses. Currently, the banking and insurance commissioner is working closely with Guam’s financial institutions to create a banking system specifically designed for the cannabis industry.
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