Unprecedented Legislation Passed In Middle East
In March of 2020, Lebanon passed a new law for legalized medical marijuana for the first time in the Middle East.
Even with this new law, marijuana had already been growing in the eastern part of the country. But now with this legalization, farms will be regulated and production controlled.
Before the pandemic, the Lebanon parliament had received advice from economic advisors to legalize marijuana not only for medical purposes but also for industrial purposes.
This law would not allow the use of marijuana recreationally, nevertheless, Lebanon is aiming to create a profitable economy around the medicinal use of canabis, fostering the production of pharmaceuticals, wellness products, and CBD, as well as materials from its natural fibers.
First Legal Marijuana Law Practice
Following the passage of this new legislation later this year, Wasel & Wasel, a prominent law firm in Lebanon, established the first medical cannabis law practice ever to be seen in the Middle East.
According to the firm’s press release, the industry is bound to increase as much as 60 billion dollars by 2024. The decision to open this practice had “come as a result of significant interest” by the firm’s executives.
Also according to the press release, Wasel & Wasel is set on exploring the markets inside and outside Lebanon, in hopes to attract foreign investors.
This practice will serve to navigate the new industry in the region, focusing on issues such as but not limited to; licensing, insurance, taxation, operations, liability, and trade.
Managing Partner, Mahmoud Abuwasel, commented, “Being one of the recognized leading Middle East law firms, we are proud to be on the frontlines of this exciting new medical cannabis economy with leading industry and regional expertise”.
This news certainly comes at an exciting time as we witness this expanding worldwide industry, and we congratulate Lebanon on its acheivement.
We at Mydx, as well, are very familiar with exciting “firsts”. Remember to grab your very own handheld chemcial analyzer here, (the first of its kind!), and know your weed has been tested for quality assurance so you can enjoy without worry!