BEIRUT, Feb. 26 (Xinhua) -- Lebanon's parliamentary committees passed on Wednesday a draft law legalizing cannabis cultivation for medical and industrial use, Elnashra, an online independent newspaper, reported.
Deputy Speaker Elie Ferzli said that the draft law will be transferred to the parliament's general committee for approval.
"According to the study by McKinsey, there is a great economic benefit out of this new step," Ferzli said.
The global consultancy firm McKinsey & Co prepared a thousand page report containing a wealth of recommendations to bolster Lebanon's economy including a suggestion to export the country's rich cannabis crop for medicinal use which has previously divided Lebanese political opinion.
Mckinsey suggested that legalizing the cultivation of cannabis would release up to 1 billion U.S. dollars in revenue for the government prompting House Speaker Nabih Berri to appoint a committee to prepare a law proposal for cannabis cultivation.