At this year’s Global Cannabis Regulatory Summit, Ricardo Geada, Director at Lawrence Stephens, played a central role as moderator of the high-profile panel “From Policy Idea to Program Implementation: Overcoming Legal, Financial, and Political Barriers to Unlock Global Cannabis Reform.”
Joined by leading voices in the sector, including Andy Cutbill (CEO, Cutbill Jacoby Communications), Sir Mike Penning (former UK MP and Minister of State), Shawn Hauser (Partner, Vicente LLP, USA), and Nick Morland (CEO, Tenacious Labs), Ricardo steered a focused and candid conversation on the structural barriers facing global cannabis reform.
Following the discussion, Ricardo and Andy collaborated on a white paper summarising the key insights. These takeaways highlight the urgent need for clarity, coordination and targeted reform.
- Legislative Lag: When Legalisation Falls Short
Although medical cannabis has been legal in the UK since 2018, the reality is far from functional. Sir Mike Penning highlighted how patients, including children with severe epilepsy, are still struggling to access treatment on the NHS due to outdated regulation. One critical example is the failure to exempt government-issued licences from the ‘proceeds of crime’ provisions in POCA. This oversight puts compliant operators at risk of criminal penalties.In the US, state-level legalisation is undermined by federal prohibition. Despite guidance from FinCEN, banks are hesitant to serve cannabis businesses due to regulatory uncertainty, as Shawn Hauser explained. Nick Morland also pointed out that a simple legislative fix to POCA in the UK could unlock investment and operational growth.
Ricardo identified that legalisation is not the end goal. Without practical legislative support, the industry will continue to stall.
- Interdepartmental Incoherence: A Fragmented System
The panel revealed a fundamental disconnect between UK government departments. While the Department of Health and Social Care regulates cannabis-based medicinal products, the Home Office and police still treat cannabis under legacy drug policies. This creates confusion and harm. For instance, some patients have had their prescribed medication confiscated or faced arrest.
Nick Morland summed up the issue neatly, stating that you only get “seven lines” to make your case to a policymaker. Clarity and alignment across departments is essential.
Ricardo and Andy concluded that true progress will only happen when government departments share the same goals, processes, and language.
- Missed Opportunity: Global Capital Blocked by Local Barriers
There is no shortage of capital ready to enter the cannabis market, but both UK and US systems present unnecessary obstacles. In the UK, banks have closed accounts for licensed cannabis businesses, fearing POCA penalties. This forces operators to run cash-only businesses, raising costs and reducing transparency.
Ricardo noted that other jurisdictions, such as Jersey, have introduced sensible exemptions that protect both compliance and access to finance. In the US, businesses face a federal tax rate of over 70%, while banking restrictions push many into the informal economy.
Rather than sweeping change, Ricardo argued that precise, well-targeted regulatory adjustments could have a powerful impact. Investment is ready, the system just needs to catch up.
- The Way Forward: Practical Recommendations
The white paper also outlines a clear set of recommendations aimed at turning regulatory intent into commercial and public health reality. Highlights include:
- Amending POCA in the UK to exempt government-issued licences from criminal liability.
- Passing the SAFER Banking Act in the US to protect financial institutions that work with state-legal cannabis companies.
- Developing standardised quality benchmarks for medical cannabis, drawing on the European Pharmacopoeia monograph.
- Introducing harmonised compliance protocols and KYC checklists to help financial institutions confidently support the sector.
- Creating a UK Medical Cannabis Fund to subsidise NHS prescriptions and collect clinical data on cannabis treatments.
- Encouraging regulatory pilots that bring together banks, businesses and policymakers to trial compliance solutions in controlled environments.
All recommendations are deliberately concise, designed to give policymakers the “seven-line” answers they need.
Conclusion: A New Framework for THC
As Ricardo concluded during the panel, the cannabis sector needs a new kind of THC—Transparency, Harmonisation and Collaboration. A genuine framework for progress.
The key message from Ricardo and Andy’s white paper is that the cannabis sector doesn’t need to wait for perfect reform. It needs practical, coordinated steps that unlock access, encourage innovation and attract investment. If regulators, financiers and the industry can work in sync, the cannabis market can finally deliver on its promise to patients, entrepreneurs and the wider economy.
For access to the full white paper or guidance on navigating the cannabis regulatory landscape, contact Ricardo.