Argentina's new cannabis watchdog currently oversees 51 projects related to cannabis research and development. A regulatory framework is being put in place to access the potentially lucrative cannabis export market.
Gabriel Gimenez, director of the ARICCAME cannabis agency: “The industry has incredible potential. Major research and development projects are taking place across the country, including Cannava in Jujuy Province, Agrogenetics Riojana in La Rioja, Biofabrica in Misiones, and Medicinal Cannabis in San Juan.
Medicinal cannabis market
Argentina wants to advance its domestic market medicinal weed build up and generate foreign exchange through exports. It allows cannabis-derived products in pharmacies and has required insurers to cover prescriptions for marijuana-based drugs, but recreational use is still prohibited.
The country's National Seed Institute has currently approved 13 varieties of seeds. In Santa Fe County, the Medical Cannabis Research and Development Center (CIDCam), which has more than 200 plants of different varieties, is expecting a second harvest this month. The project aims to help producers experiment with different genetics.
Argentina hopes the industry can generate 2025 direct jobs, $10.000 million in domestic sales and $500 million in exports by 50. The local company Pampa Hemp was the first private company to receive permission from the Ministry of Health. It started in 2021 with the cultivation of pharmaceutical grade cannabis at a research station in the province of Buenos Aires.
Source: Reuters.com (EN)