Five decades ago, Nepal banned cannabis. But with the introduction of a new initiative, the country has decided to reverse this stance, at least in the medicinal realm.
Last Tuesday, Finance Minister Barha Man Pun announced the upcoming legalization of medicinal cannabis cultivation and use. “Necessary legal measures will be implemented for the commercial cultivation of marijuana for medicinal use,” Pun stated, according to UDGTV. This announcement was made during the presentation of the fiscal budget for 2024/25, which will be implemented starting in July.
In March 2020, Sher Bahadur Tamang had already proposed a bill to legalize cannabis in the Himalayan nation.
Nepal And Cannabis: What's Next
Authorities will need to define the parameters of cannabis legality. Tamang's project includes provisions for farmers to obtain cultivation licenses and for sales to be controlled through authorized medical companies and export agents.
Currently, the country’s laws regarding cannabis impose three-year prison sentences and fines of up to $188 for illegal cultivation.
While it is still unclear when these measures will be implemented, the announcement itself signifies a significant step forward in securing rights for cannabis users in Nepal.
Photo: Shutterstock
This article is from an external unpaid contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.