There's been a lot of progress in recent the years when it comes to the legalization of cannabis. In 2018, Canada became just the second country in the world (after Uruguay) to legalize recreational marijuana. In the U.S., more than 30 states permit the medical use of marijuana, and a farm bill was passed over a year ago that made hemp legal federally. Even conservative countries in Asia such as South Korea and Thailand now permit marijuana for medical use. The latest milestone for the industry comes from the Middle East, where Lebanon has become the first Arab country to permit medical marijuana.
In Lebanon, farmers can now grow cannabis for medicinal and industrial purposes. Cannabis can also be exported, which could pave the way for more competition in North America and other parts of the world that rely on foreign supply. Lebanon has a warm climate that can make it easy to grow cannabis year-round. And with more than 100 years of cultivation experience with cannabis, the country knows how to grow pot. Data from the United Nations indicates that after Morocco and Afghanistan, Lebanon is the largest supplier of cannabis resin (hashish) in the world.
Now that it's legal to export pot out of the country, farmers in Lebanon have an opportunity to take advantage of the industry's growth in many different parts of the world. And while that may be good for the global cannabis market, it could spell trouble for North American cannabis companies -- especially those involved with hemp, such as Charlotte's Web (OTC: CWBHF).