The Lebanese government is looking to cannabis cultivation for medicinal and industrial purposes to improve the country's economic situation. Lebanon is the third most indebted country in the world, with a debt-to-GDP ratio of 170%, according to Prime Minister Hassan Diab.
The Finance Ministry announced March 23 that Lebanon will suspend payments on all its $30 billion worth of Eurobonds in foreign currency after defaulting on its $1.2 billion debt March 9 in the country's first-ever default.