Defaulted Lebanon hopes to pay off debts with cannabis
McKinsey suggested that legalizing the cultivation of cannabis would bring in up to $1 billion per year in revenue for the government
Al-Monitor (Middle East)
Monday, March 30, 2020
Monday, March 30, 2020
The Lebanese government is looking to cannabis cultivation for medicinal and industrial purposes to improve the country's economic situation. Lebanon is the third most indebted country in the world, with a debt-to-GDP ratio of 170%. Parliamentary committees passed a draft law on Feb. 26, legalizing cannabis cultivation for medical and industrial use. The draft law will be transferred to the parliament for approval. The Lebanese Parliament closed due to the coronavirus outbreak, but, the law is expected to pass after it reconvenes. The type of plant that Lebanon seeks to cultivate is specific to medical industries. The Lebanese state does not accept the use of hashish as a resource to support the economy.
tags:
