- A Bahamas committee recommended last week that the country legalizes cannabis on a national level.
- This recommendation includes hemp, hemp derivatives, and adult-use marijuana.
- Prime Minister Hubert Minnis seems to be in favor of the plan, and is going to allow the public to comment on it.
As if the world needed another reason to visit the Bahamas, there may soon be two more to add to the list.
Late last week, a committee in the Bahamas that was tasked with planning an economic recovery plan recommended that the country legalize hemp, hemp extracts, and marijuana.
The recommendations to legalize these plants and extracts came in a large report that was presented to Prime Minister Hubert Minnis. Minnis considers the Bahamas’ cannabis laws “outdated,” and says that change needs to happen.
“There are potentially many opportunities for creative Bahamian businesspeople to get involved in this new industry,” Minnis told the House of Assembly. Minnis also stated that the next step for this moving forward is for the public to comment on the plan.
The report also recommended the following for the Bahamas:
- Allow up to 2 ounces of possession for adult-use marijuana. Possession beyond that limit would be punishable with a fine.
- Provide licensing to enable cannabis cafes, resorts, and guesthouses that allow consumption on their property.
- Exempt hemp and its derivatives with little to no THC from regulatory limits.
- Provide government-owned land to be used for the cultivation of cannabis, with provisions for small farmers.
Benefits of Legalizing Cannabis
It makes sense that the Bahamas would include the national legalization of cannabis in their economic recovery plan. After all, the tax dollars that would be produced from the decision would provide a big boost for their struggling economy.
Last June, the state of Colorado officially surpassed the $1 billion mark in tax revenue from marijuana sales since legalizing in 2014. Where does that tax money go? In several different areas that help create a better economy.
The three big ones are:
- Human services (31.7%)
- Public health & environment (20.7%)
- Education (16.4%)
If you do the math, that means that roughly $310 million, $210 million, and $160 million have been put back into those three areas, respectively. And this doesn’t even account for the remaining 31.2% of taxes (roughly $310 million) that goes into other areas for the state alone!
If you just look at these numbers, you can see why there are massive advantages to legalizing cannabis. If one state can generate this kind of revenue from marijuana alone, imagine what an entire country could generate from both hemp and marijuana.
Thanks for reading, stay safe!