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Spanish Village to Raise Funds with Marijuana

in International Business

Spanish Village to Raise Funds with Marijuana

Our old friend Greece is the headline of any business news site reporting about its debt issue. While Greece is on the verge of receiving another bailout package to fight its debt crisis, we hear a new solution to the adverse economic situation from a small village in Spain.

The tiny village of Rasquera with a population of only about 900 has voted to lease land for growing marijuana as a source of revenue to battle the economic crisis in Spain. Spain’s staggering unemployment has only gotten worse, hitting its highest rate 22.8% in nearly 17 years in the third quarter of 2011.  

The group that wants to acquire the marijuana, called ABCDA, said on its website that it will make an initial investment of $40,000 but makes no mention of how much it will pay Rasquera per year. A representative who declined to give his name said more details would come when ABCDA signs a formal agreement with the village in the coming days.

ABCDA said the project would create 40 jobs in Rasquera — workers to grow, harvest and package the pot — and the marijuana produced would go to ABCDA members.

The idea is for private citizens to lease or lend land to town hall, which would then create a company to manage the land and lease it to an association of marijuana-smokers in Barcelona.

Under Spanish law, consumption in private of cannabis in small amounts is allowed. But growing it for sale, or advertising it or selling it, are illegal, the anti-drug official said on condition of anonymity under department policy.

The chance of Spain entering a second recession is only impending. If Rasquera’s way of raising money in hard times succeeded, then it would be a novel, indeed!



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