Jamaica’s regulated cannabis industry is maintaining a vigilant watch on potential landmark policy shifts in the United States, where President Donald Trump may issue an executive order to reclassify marijuana from Schedule I to Schedule III under federal controlled substances laws. This anticipated move follows an extensive multi-year review by US health and justice authorities that concluded with a recommendation for rescheduling.
The potential reclassification would represent a seismic shift in international drug policy, moving cannabis from its current classification alongside heroin—deemed to have no accepted medical use and high abuse potential—to Schedule III, which acknowledges medical applications and reduced abuse risk. Jamaican State Minister Delano Seiveright of the Ministry of Industry, Investment and Commerce characterized the possible US action as “one of the most consequential developments in global cannabis policy in decades.”
Minister Seiveright emphasized that while Jamaica approaches these developments with caution pending formal US confirmation, the implications for the Caribbean nation’s strictly regulated medical cannabis program could be transformative. The current US federal prohibition has created significant banking challenges for Jamaican licensed operators, with international financial institutions maintaining conservative approaches due to cannabis’s Schedule I status.
“The Schedule I classification has fed a very conservative approach among international banks and has contributed to serious correspondent banking challenges for otherwise fully compliant, licensed operators in Jamaica and beyond,” Seiveright explained. He noted that rescheduling to Schedule III would significantly lower the federal risk profile, potentially easing restrictions that prevent Caribbean banks from maintaining stable correspondent banking relationships.
The international context remains complex, as cannabis retains its Schedule I status under the UN’s 1961 Single Convention on Narcotic Drugs, despite its removal from Schedule IV in 2020. A US policy shift could accelerate global policy alignment, given America’s influential financial and regulatory systems.
Jamaica’s cannabis program, administered by the Cannabis Licensing Authority since 2015, focuses exclusively on medical, therapeutic and scientific purposes. Minister Seiveright underscored that a more rational global environment would strengthen Jamaica’s ability to attract credible investors, deepen research partnerships, and expand value-added exports while maintaining high public health and security standards.
However, officials caution that rescheduling would not equate to federal legalization, with many restrictions likely remaining. The Jamaican government continues monitoring developments and stands ready to assess implications for its regulatory framework and banking arrangements once official US clarity emerges.