The Bahamas Moves to Establish Medical Cannabis Industry

LOS ANGELES— In a pivotal stride toward diversifying its economy, The Bahamas has rolled out a comprehensive package of 11 legislative bills, aiming to decriminalize cannabis for medical, research, and religious uses. This move establishes a foundation for a burgeoning medical cannabis industry, aligning with the country’s broader economic vision.

According to the Office of The Prime Minister, this legislation serves as a blueprint for nurturing local cannabis production, addressing the medical demand while simultaneously unlocking vast economic opportunities for the nation.

This legislative endeavor traces its roots back to a recommendation made almost three years ago. The country’s Economic Recovery Committee then had advocated for the inception of a regulatory authority. This body would monitor and guide businesses involved in the expansive cannabis production and retail chain, from wholesale to the eventual consumer.

The linchpin of these legislative advancements is the Cannabis Bill 2023. The Bahamian government emphasized the bill’s two-fold purpose: firstly, to foster a legal ecosystem for local cannabis cultivation catering to the mounting medical demand, and secondly, to usher in significant economic avenues for the nation.

The prime objectives of the draft legislation go beyond the commercial. They delve into the therapeutic realm, aiming to decriminalize cannabis specifically for medical and therapeutic applications. The underlying goal here is to offer relief to Bahamian patients grappling with an array of chronic ailments and debilitating conditions.

From an economic vantage point, the Cannabis Bill 2023 is poised to bring tangible gains. A robust licensing mechanism is on the anvil, encompassing:

• Cultivation
• Manufacturing
• Transport
• Research
• Retail distribution
• Analytical testing

A salient feature of these proposed laws is the emphasis on local ownership. The intent is clear: ensure the lion’s share of this emergent industry remains in Bahamian hands. Foreign investors can look forward to a stake up to 70% in businesses linked with analytical testing, manufacturing, and research. However, the core sectors of cultivation and retail firmly position themselves as domains exclusive to 100% Bahamian-owned enterprises.

In line with global best practices, the Bahamian government envisions the creation of a dedicated Cannabis Authority. This body is earmarked to be the key regulator, overseeing the nuances of the entire cannabis industry, ensuring that the island nation remains compliant while it taps into this green gold rush.