Bermuda’s Cannabis Licensing Act

On 19 February 2021, the lower house of Bermuda’s Parliament (the “House”) passed the Cannabis Licensing Act 2020 (“CLA”). The legislation was, however, rejected by Bermuda’s upper house, the Senate, and sent back to the House on 3 March 2021. Bermuda’s Government has nevertheless committed to pressing forward with the legislation. 

As of the date of writing, passage of the CLA would make Bermuda the first offshore location to join a growing number of jurisdictions legalising (or taking steps to legalise) the cultivation, import/export, and sale of both medical and
recreational cannabis. As an established offshore jurisdiction with a globally respected regulator, Bermuda presents an attractive location for investors interested in the still-nascent, but rapidly growing cannabis industry. As established cannabis companies in North America mature, Bermuda also presents a known solution for offshore corporate structures.

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