In fact, this decision came after the consulting firm McKinsey & Company sent the Lebanese government a 1,000-page report in which it recommended cannabis legalization to revamp Lebanon’s economy.
Lebanon signed a deal with this consulting firm to restructure the economy which is dependent on banking and remittances from Lebanese expats. McKinsey’s new plan aims to reduce the debt-to-GDP ratio. “The government wants to boost real GDP growth to 6 percent.”
The current model of the Lebanese economy survived political crises such as the two-year presidential vacuum, the resignation of the Prime Minister, and the influx of 1.5 million Syrian refugees. However, this model is no longer sustainable.
On May 30, the Lebanese American University (LAU) introduced its initiative to establish the Medicinal Cannabis Research Center, the first of its kind in Lebanon and the Middle East. Researchers want to find the medical and therapeutic value of Lebanon-grown cannabis.
In fact, licensed research centers are allowed to grow prohibited plants in Lebanon. This is a thriving field of research in the pharmaceutical and public-health communities around the world.