Who says all cannabis opportunities are on the continent? To speak of one, the case of the U.S. Virgin Islands is quite captivating and holds incentives and potential in the cannabis sector.
U.S. Virgin Islands Gov. Albert Bryan Jr., an active supporter of cannabis legalization, shared insights on the territory’s current — and potential — status with Paul Josephson, partner at cannabis industry practice group Duane Morris, on Wednesday at Benzinga’s Cannabis Capital Conference.
“A governor who really gets economic development,” as Josephson said, Bryan said the region is on the cusp of an unprecedented economic surge. "We have a $4-billion economy right now. And we have $15 billion in sales over the next 10 or so years."
US Virgin Islands Vision 2040 & Cannabis Market
Vision 2040 is the governor's initiative for economic development that includes 100% state tax forgiveness, plus 90% of the federal tax liability.
The governor said the banking laws now under discussion in Congress act as an additional motivation to set up cannabis business in the Virgin Islands.
Bryan’s work over the last 15 years has focused on not only landing investors and people who want to capitalize on the USVI’s tax incentives but also serial entrepreneurs, "people who want to open multiple businesses and do a lot of different things," he said.
And cannabis, or the advent of cannabis, he says, provides a huge opportunity in that direction.
The island’s market includes St. Thomas, what Bryan called “one of the premier destinations in tourism in the Caribbean."
Further, the governor's approach for the islands involves tying cannabis initiatives — such as product franchises and trademarks — to broader economic goals, such as the funding of the islands' retirement system.
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U.S. Virgin Islands Gov. Albert Bryan Jr., left, and Paul Josephson, partner at Duane Morris. Photo by Carlos Alvarez.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
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