Argentina Presents Cannabis, Hemp Industry Bill

Yahoo Finance reports

Argentina may soon have a regulated cannabis and hemp industry. On Wednesday, Argentina’s Minister of Productive Development, Matías Kulfas, presented a bill titled, “Regulatory framework for the development of the medical cannabis and hemp industry,” within the framework of the Economic and Social Council.

In the presence of counselors, academics, legislators, sector representatives and governors, the minister assured that the bill: “is the result of a long and coordinated effort.”

Kulfas’ presentation began with some hard data, giving an account of the importance of regulating the activity in Argentina. For example, the fact that more than 50 countries in the world have already advanced with some type of cannabis regulation for medicinal and industrial use and that, by 2024, a global production of $42,700 million is projected.

ley cáñamo argentina
ley cáñamo argentina

Why does Argentina have the conditions to be an important producer in the cannabis and hemp industry?

Kulfas answers: “Argentina has a global leadership in agricultural production, a scientific research network, a structure of laboratories, experiences of civil society organizations, incipient development of suppliers and 22 provincial and 80 municipal initiatives.”

What benefits would the approval of this hemp and cannabis law bring to Argentina?

According to Kulfas, the benefits will include:

  • Health rights: supply of medical cannabis to ensure better access to health.
  • Employment: Generation of quality jobs.
  • Exports: Potential foreign exchange generation.
  • Federal development: Opportunities for productive development in several provinces. Conversion of the tobacco sector.
  • Supplier development: Genetics, agro 4.0, technological equipment, phytosanitary products.
  • Production chains: Medical cannabis (pharmaceuticals, phytotherapeutics, cosmetics) and industrial hemp (textiles, paper, food, construction materials, etc.).
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