Argentina: One Step Closer To Regulated Medical Cannabis And Hemp Industries Following Senate Approval

Argentina’s Senate approved a regulatory framework for the development of its medical cannabis and industrial hemp sectors in a 56-5 vote with one abstention, reports Hemp Today. 

The bill titled "Regulatory framework for the development of the medical cannabis and hemp industry," within the framework of the Economic and Social Council was previously introduced by Argentina’s Minister of Productive Development, Matías Kulfas, about a month ago. 

Supporters of the law say it will enable Argentine to create some 10,000 jobs in the hemp production chain. What’s more, both medical and hemp domestic sales are projected to yield $500 annually in addition to another $50 million per year in exports of both medical cannabis and hemp products, according to Argentina’s Ministry of Development. 

“The new law aims to establish a legal framework and regulations for sowing, cultivation, harvesting, production, storage, transport, marketing, import, export, and possession of cannabis seeds and cannabis derivatives,” wrote Hemp Today.

Furthermore, the law would also support various investment projects in these two sectors.

Under the regulation, the new Regulatory Agency for the Hemp and Medicinal Cannabis Industry (ARICCAME) would manage and oversee the entire cannabis and hemp production chain. Though ARICCAME would hold national jurisdiction, it would function under the Ministry of Development.

Up until now, Argentina has had a confusing medical cannabis access law, which was ideal for importers. In the case of the proposed regulation becoming law, companies that import into Argentina will face serious competition in the form of domestic producers.

• Lee en Español: Argentina: Senadores Aprobaron la Ley de Cannabis y Cáñamo

Photo: Courtesy of davide ragusa on Unsplash