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by 'Businessman'
In the past, Cayman stakeholders focused on tourism and financial services as the only ways to keep our economy going. However, it may be time to start thinking outside the box and explore avenues outside of tourism and financial services as industry pillars. Two options, discussed for some time now, include the legal growth and export of cannabis oil and creation of a national lottery.
Local growth of Cannabis
Currently, certain medical professionals can prescribe cannabis oil for local medicinal purposes. However, we can broaden our thinking to consider the benefits from a medical tourism perspective.
In this case, visitors could come to the Cayman Islands for the purpose of seeking treatment and rehabilitation. Several months in a hotel or an apartment doing rehabilitation could mean revenue to be earned by hotels, restaurants, taxis and tour guides. In addition to the revenue, this activity keeps our Caymanians employed.
If cannabis is permitted to be grown locally in large quantities, perhaps the Cayman Islands could consider manufacturing and exporting cannabis oil and related products to other countries where legal imports are permitted.
The decriminalization of cannabis is a strategy that should be considered.
There is an obvious, growing problem where young people are arrested and spend time in prison for cannabis and when they leave prison,...
Read Full Story: https://cayman.loopnews.com/content/opinion-thinking-outside-box-new-revenue-streams
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