Argentina publishes draft cannabis law

Argentina publishes draft cannabis law

THE WHAT? Argentina has published a draft regulatory framework for the development of the medical cannabis and industrial hemp industry, according to a report published by El Planteo.

THE DETAILS The long-awaited law is designed to regulate the burgeoning cannabis and hemp industries, complementing existing legislation and helping to generate quality jobs and boost exports.

It provides for the creation of a regulatory agency, charged with administering and supervising the entire production chain as well as granting authorization for production and commercialization,

THE WHY? Minister of Productive Development of the Nation, Matias Kulfas, stated, “It is an activity that can generate 10,000 new jobs (of which perhaps 20 percent are orientated to research, development and innovation activities); US$500 million in sales to the domestic market each year and US$50 million in exports per year. It would be a starting scenario with a strong federal economic impact.”