By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Prime Minister yesterday said legislation to legalise medical cannabis will create a “new economic reality” for The Bahamas with thousands of new jobs in agriculture, manufacturing, retail and healthcare.

Philip Davis KC, addressing the House of Assembly on the Cannabis Bill and accompanying legislation, said: “Before us is a new economic reality in which cannabis has the potential to play a large role in our economy.

“The impact of the cannabis industry will be widespread, affecting many different sectors. By legalising cannabis for medical use, we are also legalising the many supporting inputs that are necessary for the industry.

“We have opened the door to the creation of thousands of jobs in agriculture, manufacturing, retail and dispensary facilities, and healthcare. This industry will make a significant contribution to our efforts to diversify our economy through these sub-sectors,” he added.

“We have created the potential for new Bahamian cannabis entrepreneurs, and we’ve also created the framework to attract external investors who will drive capital into this new industry to spur growth and expand our economy.” Mr Davis said the Bills will also allow Bahamian-owned businesses to export their products, further diversifying the economy.

He added: “Opportunities to export our fully regulated, high-quality product will give our local businesses and farmers access to expanded markets beyond our borders. Most importantly, we will make room for small and medium-sized Bahamian-owned businesses to have access to opportunities within this industry by ensuring equitable access for businesses of all sizes.”

Mr Davis said the Bills were drafted after “widespread research and consultation”, and will ensure The Bahamas can profit from medical cannabis while ensuring “stringent standards” to maintain law and order.

He said: “Our goal was to ensure that we developed the most fair, balanced, and effective legislative and regulatory mechanisms, which would allow us to reap economic and health benefits while promoting law and order and keeping our people safe through the introduction of stringent standards.

“We also paid close attention to ongoing research on the issue – the most recent of which was a survey conducted nationally by Public Domain in 2023, which indicated that 61 percent of the population supported the legalisation of cannabis for medical usage. It was clear that the times had changed, and it was time for our laws to change as well.”

Mr Davis explained that companies applying to cultivate, sell or transport cannabis must be 100 percent Bahamian-owned while those applying for a licence to conduct analytical testing, manufacturing or research must be at least 30 percent Bahamian-owned.

He said: “We know how important it is for Bahamians to own this new industry. In fact, there should be no new industries developed in this country that don’t seek to empower Bahamians as owners. The cannabis industry will further establish this standard as a new industry with Bahamian ownership at every level.”

Mr Davis said several safeguards have been placed in the Bill to prevent the “misuse” of cannabis, including ensuring medical practitioners undergo a training programme on prescribing cannabis, ensuring medical cannabis will only be dispensed by pharmacists and pharmacy professionals.

He added that cannabis will be electronically tracked to prevent its misuse and the Bills will allow it to be sold at a “high and consistent standard” for medical and religious purposes.

Mr Davis said: “And cannabis will be electronically tracked every step of the way though importation, cultivation, manufacturing, transport, sales, exportation and disposal.

“We are taking a substance that was once only sold illegally on street corners, and we are putting in place a framework that will allow it to be sold and used at a high and consistent standard for medical and religious purposes while empowering rather than imprisoning our people.”