Costa Rica: Who else wants to expand the Hemp and Cannabis business?

Dentons

If you are in the Hemp and medical cannabis business and you are looking to expand your operations, Costa Rica has just become one of your newest opportunities.

Recently, the Costa Rican Government has signed and approved two regulations to Law 10113, Law on Cannabis for Medical and Therapeutical Use and Hemp for Food and Industrial Use. The first regulation signed by the President includes within its scope the rules and requirements to produce Hemp for industrial and alimentary use.

The Ministry of Health and the Ministry of Agriculture and Livestock are the 2 entities in charge of regulating and granted authorization to the companies who will operate in this market.

This new regulation grants two types of authorizations for the companies who want to develop and produce hemp in Costa Rica, for a period of six years and renewable for identical periods, which are the following:

  • The Ministry of Agriculture and Livestock will regulate and grant authorizations for cultivation, production, and related hemp activities.
  • The Ministry of Health will regulate and grant authorizations to manufacture hemp derivatives and products of sanitary interest with hemp.

The second regulation for the medicinal use of cannabis aims to promote development through production, industrialization, and commercialization in the country. Therefore, from now on, it will be legal to apply for licenses for the export and import, growing, and industrialization of derivatives and medications containing psychoactive cannabis (THC) in our country.

The cannabis industry is a multibillion-dollar business that is expected to grow rapidly as new markets open, and more countries legalize both medical and therapeutic adult-use programs.

The cannabis industry is diverse and has many business options and available markets, making it, and our country, the ideal place for your business. Be the first to have your products carry the “Esencial Costa Rica” country brand, which will highlight your sustainable, natural products, developed in an environment of peace and well-being.

Source:  https://www.jdsupra.com/legalnews/costa-rica-who-else-wants-to-expand-the-3364167/

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