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Cannabis growers complain of Lebanese liquidity crisis!
13-1-2020
The cultivation of cannabis has been affected by the financial and economic crisis hitting Lebanon since October, Al Akhbar reported today. Despite a prosperous season which saw no destruction of the produce or raids on warehouses, the price of one unit of processed cannabis reached a record low. In addition, the price of the lease of one dunum of marijuana dropped to rates unprecedented even at the height of operations carried out by security forces to destroy the fields. Citing a concerned industrialist, Al Akhbar said sales are almost non-existent, explaining that the decline in prices was not the only blow, but it was also coupled with severe shortage in liquidity. “What is the use if we sell but cannot withdraw the money from the bank,” he complained. Another producer said the ‘business’ is no longer affordable, yet it remains more useful compared to the growing of potato and onion. The cost of planting one dunum of potato or onion stands at LBP one million, against only LBP 120,000 for cannabis, including the cost of seeds, land lease, weeding and irrigation. For his part, a cannabis farmer lamented the slashed prices, pointing out that the price of one unit of processed cannabis has shrunk by 100% compared to last year. It should be noted, that the legislature is studying the draft bill for the legalization of cannabis for medical use: https://bit.ly/382aZk2. (Al-Akhbar 13 January 2020)
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