Skip to main content

McKinsey Tells Lebanon About The Economic Benefits Of Legalizing Marijuana. Marijuana Gets Legalized

"You guys export marijuana? It'd be a lot cooler if you did"

At the dawn of 2018, Lebanon struggled with high unemployment rates and a remarkably high debt-to-GDP ratio, so they called in some help

Lebanon is hiring management consulting firm McKinsey & Co. to help restructure an economy that’s overly reliant on remittances and banking, and grappling with high unemployment, Economy and Trade Minister Raed Khoury said.The six-month agreement with McKinsey will be signed by the end of this week and the company will start work next week with various ministries and economic bodies to formulate a new economic vision for the Arab world’s most indebted nation, Khoury said in an interview at his office in Beirut on Monday.

McKinsey, diligent as always, got to work and formulated a wide-reaching plan to save the economy of Lebanon

The report proposed some “quick wins” to ease the economic slowdown and show the international community that the country is serious about change, he said. They include setting up a construction zone for prefabricated housing that can be used in the rebuilding of war-torn Syria and Iraq, boosting tourism and opening new markets for a couple of Lebanese crops: avocados -- and cannabis.

The plans included just about everything from the banks to the dank. And with millennials spending money more irresponsibly than ever, avocados and cannabis have the potential to be massive cash crops. So naturally, Lebanon proceeded to weigh the options suggested by McKinsey and took the obvious route 

Lebanon is also the world's third-largest producer of illicit hashish - the psychoactive resin produced by cannabis plants - according to a 2016 study from United Nations Office on Drugs and Crime. In the report delivered to the country's government, McKinsey evaluated the economic impact of shifting Lebanon's illicit market to a regulated market for medicinal use.A McKinsey spokesperson clarified to Business Insider that the Lebanese government asked McKinsey to evaluate the impact of cannabis legalization as part of a suite of over 150 initiatives to boost the country's economy. The McKinsey report did not explicitly recommend legalizing medical cannabis, the spokesperson said, though it did detail the positive economic benefits.

Always playing it safe, McKinsey didn't specifically recommend the legalization of marijuana, but they were pro-blaze as long as it improved the economic welfare for the people of Lebanon. This is a huge step for the cannabis industry and Lebanese stoner. Marijuana, medicinal or recreational, is considered a taboo industry by countries all across the world. It's important to note that the economic report is specific to Lebanon's crops and agriculture, but that's no fun so let's apply this philosophy to every economy. In certain states it's legal, and in other states, you can't talk about the issue if you aspire to hold a job or a public office *coughs* Mississippi*coughs*, but all of that may be in the rearview thanks to McKinsy.

Now, the most prestigious consulting firm in the world is acknowledging the economic benefits that come with legalization. Philosophical stoners are quick to dismiss "The Man", and business elites, as oppressive tyrants because they heard about insider trading on the Joe Rogan Podcast a few years back, but now they have a reason to ally with the groups they formerly despised.

Whether it's the Lebanese economy, your wicked hangover, or the relationship between stoners and Wall Street, cannabis is easing pain and ailments all across the globe.

Lebanon Hires McKinsey to Help Revamp the Economy [Bloomberg]

Banking to Cannabis: McKinsey Has a Plan for Lebanon's Economy [Bloomberg]

Lebanon will legalize growing marijuana after McKinsey evaluated it as a boost for the country's troubled economy [BI India]


S.F. Fed Vet To Show How Cool Legal Weed Can Be For Banks

"It would be a whole cooler if you did...allow legal pot businesses to have bank accounts."

By No machine-readable author provided. Bogdan assumed (based on copyright claims). [GFDL or CC-BY-SA-3.0], via Wikimedia Commons

How The Cannabis Administration And Opportunity Act Could Hurt The Hemp Industry

Although the final draft contains much-improved provisions, it continues to propose regulations that would undermine the cannabis industry.

Wells Fargo.Insane

The Moral Paradigm Of The American Banking System Is Still Not Cool About Marijuana

Maybe Wells Fargo would be okay with the cannabis industry if it was more susceptible to being defrauded by its banks.