Mayor of London to examine benefits of cannabis legalisation
April 6, 2021, 10:10 am

Mayor of London to examine benefits of cannabis legalisation

Sadiq Khan will say fresh ideas are needed to counter the damage done by the illegal drug trade.

Exclusive: Sadiq Khan says he will set up an independent drugs commission in the capital if re-elected

The mayor of London is to launch a review examining the feasibility of decriminalising cannabis as part of a new approach to tackling drug-related crime.

Should he be re-elected on 6 May, Sadiq Khan said he would set up an independent London drugs commission to examine the potential health, economic and criminal justice benefits of decriminalising the class-B drug.

Khan believes there is widespread public support for a more relaxed approach to decriminalisation, citing polls showing more than half of the UK – and nearly two-thirds of those in the capital – support legalising cannabis for adult recreational use.

Although he has ruled out the decriminalisation of class-A drugs such as heroin and cocaine, Khan is willing to consider supporting changes to the legal status of cannabis if that is what the commission concludes.

“It will be for the commission to look at the evidence in the round, but nothing is off the table in the context of what is best for public health and keeping Londoners safe,” said a source close to the mayor.

The announcement of the proposal to set up a London drugs commission is expected to be part of Khan’s mayoral election manifesto, published on Tuesday.

Khan will say fresh ideas are needed to counter the illegal drugs trade, which is damaging both Londoners’ health and their communities, as well as fuelling an increase in organised and violent crime. Too many young people are criminalised for use of of drugs, he believes.

The illegal drug trade in the UK is estimated to cost society £19bn per year, according to the mayor’s office. About 41,900 people across England and Wales were charged with drug-related offences last year. Legalising and regulating the sale of cannabis would raise at least £1bn in taxes for the Treasury, according to some estimates.

But formally adopting such a position could put him out of step with the Labour leader, who recently said he was opposed to decriminalisation. The current drugs laws were “roughly right”, Keir Starmer told Sky News, though he added that there was “always room for a grown-up debate about how we deal with these cases”.

The London drug commission, which would be comprised of independent experts from criminal justice, public health, politics, community relations and academia, would examine how countries around the world have tackled problems with drug use and addiction.

This is likely to include looking at evidence from Portugal, where possession and consumption of drugs have been decriminalised since 2001 as part of a wider approach to drugs, including improved treatment programmes and better prevention, education and social support services.

It is also likely to consider the experiences of Canada, Uruguay and several US states, where cannabis for recreational use has been legalised. Private use of cannabis is allowed in Spain, while Dutch coffee shops have long sold marijuana.

The commission would collate the latest evidence on the effectiveness of UK drug laws, police enforcement and addiction support services. It would report to the mayor with recommendations for City Hall, the government, the police, the criminal justice system, and NHS and treatment services.

Although Khan does not have the powers to introduce new laws, he believes that should the commission recommend decriminalisation of cannabis, a mayoral endorsement would give it a boost.

Khan, who has in the past called for “an evidence-based conversation” around cannabis, will say: “It’s time for fresh ideas about how to reduce the harms drugs and drug-related crimes cause to individuals, families and communities.

“The commission will make recommendations focusing on the most effective laws to tackle crime, protect Londoners’ health, and reduce the huge damage that illegal drugs, including cannabis, cause to our communities and society.”

In 2019 the cross-party Commons health committee called for the government to consult on the decriminalisation of drug possession for personal use. It said taking a health-based approach would benefit users and reduce harm and costs to the wider community.

The Survation survey cited by the mayor’s office, published in July 2019, found that 63% of London residents backed the legalisation and regulation of cannabis, while just 19% opposed the idea. Across the UK as a whole, 47% backed legalisation, with 30% against.

source: Patrick Butler

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.