Bahamas Prime Minister paves way for legalization of cannabis industry

Bahamas Prime Minister Philip Brave Davis welcomed the significant potential impact that legalizing the cannabis industry could have on the island’s economy.

During a debate in the House of Assembly on a series of cannabis-related bills, Mr. Davis highlighted the transformative economic benefits and the fulfillment of a key commitment in the Progressive Liberal Party’s (PLP) «Blueprint for Change.».

Economic Opportunities and Job Creation

Mr. Davis emphasized that the legalization of medical cannabis would spur the creation of thousands of jobs in various sectors, including agriculture, manufacturing, retail, dispensaries, and healthcare.

«The cannabis industry will have a widespread impact and affect many sectors. By legalizing cannabis for medical purposes, we are also legalizing the many inputs required by the industry,» said Mr. Davis. This new economic reality makes cannabis a major contributor to the diversification of the Bahamian economy.

The new legislation aims to promote opportunities for Bahamian entrepreneurs in the cannabis sector and attract foreign investors. Mr. Davis emphasized the importance of creating a framework that ensures equitable access to the industry for businesses of all sizes.

«We have paved the way for the creation of thousands of jobs in the agriculture, manufacturing, retail, clinics, and healthcare sectors. This industry will contribute significantly to our efforts to diversify the economy through these subsectors,» he added.

The The bill provides for various licenses allowing legal access to cannabis for scientific, medical, and religious purposes, including cultivation, retail sale, analytical testing, manufacturing, research, transportation, and religious use.

Companies that wish to cultivate, sell, or transport cannabis must be 100% owned by Bahamians, while entities involved in analytical testing, manufacturing, or research must be at least 30% owned by Bahamians.

«We are also aware of the need to attract investors who are looking for a well-regulated jurisdiction in which to conduct their research. However, it is essential that Bahamians also be involved in research and development,» Mr. Davis emphasized.

The legislation also provides Bahamian businesses and farmers with the opportunity to access international markets by exporting their products.

Legal and Regulatory Framework

The 2024 Cannabis Bill introduces various cannabis-related offenses, such as illegal possession, possession with intent to supply, production, smoking in public places, making false statements about one’s health, and possession of unauthorized quantities. Convictions under these laws may result in fines of up to 100,000 euros and/or prison terms of up to seven years.

Mr. Davis clarified that the decriminalization of small amounts of cannabis does not amount to legalization.

«We are a country of rules and laws,» he emphasized.

The new legislation stipulates that possession of small amounts of cannabis, although decriminalized, remains illegal, and individuals are subject to a fine of 250 euros.

Social Justice and the Expungement of Criminal Records

One of the notable aspects of the social justice legislation is the removal of cannabis from the list of dangerous substances and the’Expungement of criminal records for convicted individuals for possession of 30 grams or less of cannabis.

Mr. Davis lamented the negative impact that minor cannabis offenses have had on many lives, describing the legislation as a turning point for Bahamian society.

«Too many livelihoods have been lost because of a joint,» he said. «Too many lives have been ruined and too much potential has been lost.”.

Mr. Davis said he was convinced that expunging criminal records for minor possession offenses would positively transform lives. «I am convinced that many lives will be transformed for the better thanks to the expungement of criminal records,» he added. This measure underscores the government’s commitment to upholding the rule of law while ensuring that illegal and unlicensed activities are appropriately punished.