Nepal to Legalize Marijuana Cultivation for Medical Use
In a significant move, Nepal’s Finance Minister Barsha Man Pun announced on Tuesday that the government plans to legalize the cultivation and consumption of marijuana for medicinal purposes. The decision was made while presenting the budget estimates for the 2024-35 fiscal year.
According to Pun, necessary laws will be framed to allow for the commercial production of marijuana in the country. This move requires amending the Narcotic Drugs (Control) Act 2033 and sending an application to the International Narcotics Control Board.
Nepal is a signatory to the United Nations Single Convention on Narcotic Drugs 1961, which classifies marijuana as a hard drug like heroin. However, the government is looking to reclassify it for medicinal use.
The budget for the upcoming fiscal year has been set at Rs 1.86 trillion, with Rs 1.14 trillion allocated for recurrent expenditure, Rs 352.35 billion for capital expenditure, and Rs 367.18 billion for financial management.
The government has projected an economic growth of 6% for the upcoming fiscal year and aims to keep the inflation rate within the limit of 5.5%. To achieve this, it plans to collect Rs 1.26 billion as revenue and mobilize Rs 52 billion as foreign grants. The government will also take on foreign loans worth over Rs 200 billion and internal loans worth over Rs 300 billion to cover the expenses.
This move is expected to bring in significant revenue for the country and provide a new opportunity for farmers to cultivate a new crop. The government is expected to frame necessary laws and regulations to ensure the production and distribution of marijuana for medicinal purposes.
