By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas is "a bit behind the eight-ball" in developing a medical marijuana industry, the DNA's former leader has conceded, arguing: "Let's get started before it's too late."

Branville McCartney, pictured, who said legalising the drug had been among the party's main 2017 general election pledges, told Tribune Business it still held the potential to become "a multi-billion dollar industry" that could even surpass tourism as The Bahamas' largest industry.

Reacting to the initial draft report from the Bahamas National Commission on Marijuana, he voiced optimism that its work will "come to fruition" and pave the way for the Bahamian economy to further diversify by building an industry that would be majority-owned locally.

Mr McCartney, agreeing with the initial thoughts in the report, said: "I led the charge from 2016 for the decriminalisation of marijuana, its use particularly for medicinal purposes, and to build an economy.

"I think it's a good step forward. It's a preliminary report, a draft report that is not set in stone, but I look forward to it coming to fruition. You look at the model for Canada, and what the Canadians have done and how that economy has expanded as a result of the marijuana industry. We need to look at the industry itself, and ensure Bahamians and The Bahamas benefit from its primarily."

The Commission's report did not go into detail on the likely economic benefits from developing a fully legalised, properly regulated medical marijuana industry in The Bahamas. It merely noted that the sector provided relatively high salaries elsewhere in the world and, besides jobs, the main benefits would be taxation and licensing fees for the Government; the productive use of large areas of land; and the opportunity to create an industry that is majority Bahamian-owned.

"I certainly most welcome the draft report that was written," Mr McCartney added. "I hope that it's accepted and we can start moving post-haste with it. If we get it right certainly our economy should be boosted quite significantly, and no doubt that's something we need as an industry.

"I just hope we can put in place the necessary elements to build this economy. We are a bit behind the 8-ball, but I don't think it's too late. We can get started and move. It's the economy of the future, so let's get started before it's too late. I don't think it's too late at this stage, although it could have been done earlier, but some progress has been made. It's a matter of acting, and this administration needs to make sure it acts."

The former DNA leader said he drew further encouragement from the Prime Minister's publicly-stated position that he favours decriminalising possession of small amounts of marijuana and making the substance legal for medicinal and/or scientific purposes - a stance that mirrors his own.

"It can work hand in hand with the tourism industry, which is our number one industry," Mr McCartney added of medical marijuana's potential. "Certainly, I think the opportunities are endless in terms of medical marijuana and the industry being in The Bahamas, where we are able to produce the product.

"We are able to be in production, manufacturing the product and exporting it, and where the medical professionals are able to use it to treat persons in The Bahamas, especially those with chronic diseases that marijuana is known to help cure.

"I think it will boost the tourism industry by medical tourism, and produce more jobs through increased employment; certainly with the actual administration of the product through the doctors and the dispensing of it through the pharmaceutical industry."

Mr McCartney added that medical marijuana "could be very instrumental in helping our government pay down its debt" via the additional tourism and export earnings, and taxation and licensing fees, that would be generated.

"It could surpass tourism," he argued. "It could be, if we do it right, our number one industry. I would certainly look at that Canadian model. The companies involved in this industry are multi-billion dollar companies, and if you're looking to invest those are companies you might want to invest in."

The Commission's report recommended that Bahamian majority ownership of any local marijuana industry be stipulated, with a local equity stake that never drops below a minimum 51 percent. While joint ventures with foreign investors and companies would be permitted, their collective ownership interest should never exceed 49 percent.

Backing this suggestion, Mr McCartney told Tribune Business: "The Government is going to have to ensure that happens. It's a matter of regulation and the nature of the laws that the Government puts in place to secure the industry for Bahamians.

"As an example, our number one industry, tourism, is not owned by Bahamians. Financial services, our number two industry, is not owned by Bahamians. We have an opportunity to get it right now, and allow Bahamians to have an opportunity to participate in this industry, which could be our number one industry in years to come."

Mr McCartney said the DNA's pre-election calls for the decriminalisation of marijuana had been used against the party, adding: "I guess it's politics" now that both the Government and Opposition PLP appeared to be backing both the Commission and its position.