Defaulted Lebanon hopes to pay off debts with cannabis
As soon as parliament returns from its closure over the novel coronavirus outbreak, a bill legalizing cannabis for medicinal and industrial purposes is expected to pass as lawmakers address the country’s worst economic crisis in decades.
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%, according to Prime Minister Hassan Diab.
The Finance Ministry announced March 23 that Lebanon will suspend payments on all its $30 billion worth of Eurobonds in foreign currency after defaulting on its $1.2 billion debt March 9 in the country's first-ever default.
Lebanon's deputy parliament speaker Elie Ferzli told Al-Monitor, “Parliamentary committees passed a draft law Feb. 26 legalizing cannabis cultivation for medical and industrial use.” He explained, “The draft law will be transferred to the parliament's general committee for approval.”
The Lebanese Parliament closed due to the coronavirus outbreak, but, the law is expected to pass after it reconvenes.
