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Parliament Tuesday approved a draft law that legalizes cannabis cultivation in Lebanon for medical and industrial use, as the country’s hard-hit economy teeters on the brink of collapse.

The new legislation aims to regulate cultivation by Lebanese cannabis farmers, whose activities are illegal according to existing Lebanese law.

The law also aims to create a new agro-industry in the country which will lead to the production of industrial products – such as fiber that that can replace polyester and be used for textiles – pharmaceutical products, and wellness products from CBD oil which stems from the cannabis plant.