The Minister of Economy and Trade in Lebanon, Raed Khoury, has been discussing how much legal marijuana could boost the country’s economy. Lebanon has the third most debt in the world, and could use a new industry to increase the country’s income.
Khoury has estimated that legal marijuana could be a billion dollar per year industry, the Lebanese Examiner reports. The country has been working with McKinsey & Company, a U.S.-based consulting firm to develop a plan. McKinsey speculates that there could be a few “quick wins” to help Lebanon financially in the near future.
Marijuana farms already exist in Lebanon’s Bekaa Valley area, even though marijuana is still illegal. Khoury is interested in legalizing medical marijuana first. He’s also quite interested in exporting marijuana for medicinal use.
Khoury said, “The quality (of cannabis) we have is one of the best in the world.”
Discussions are progressing steadily, so legalized medical marijuana could soon be realized in Lebanon.