The joint parliamentary committee on Wednesday endorsed a draft law legalizing cannabis cultivation for medical and industrial purposes, with the hope to boost the country’s crumbling economy.
The bill has been referred to be discussed during the Parliament’s general assembly for approval.
"According to the study by McKinsey, there is a great economic benefit out of this new step," Deputy Speaker Elie Ferzli stated, as reported by China Xinhua.
The global consultancy firm McKinsey & Co had presented a report in 2018 containing a wealth of recommendations to bolster Lebanon's economy including a suggestion to export the country's rich cannabis crop for medicinal use which has previously divided Lebanese political opinion.
The report indicated that legalizing the cultivation of cannabis would unleash up to $1 billion in revenue for the government which prompted Speaker Nabih Berri to form a committee to delve into the suggestion.