Argentina's Cannabis Market: What Do Investors And Entrepreneurs Need To Know?

Argentina's marketplace shows signs of much promise coupled with significant national uncertainty.
Incremental progress has been underway for several years. The Supreme Court decriminalized small amount use in 2009. In 2017, the country approved the import of cannabis products with a doctor's prescription. In 2020, the bill expanded when lawmakers approved home cultivation for patients.
Progress continues to be discussed. Lawmakers recently proposed legislation aimed at approving cannabis production for and industrial purposes.
"If passed, this new regulation would mark the next stage of the cannabis industry in Argentina, but there is still a long process ahead before actual changes can be made," said Euromonitor International senior analyst Erwin Henriquez.
In recent weeks, President Alberto Fernández has made the rounds voicing his support for a debate on the subject.
Continued progress could see significant gains for a nation contending with a stagnant economy.
A draft of the regulations is in Congress, following voting procedures. If approved, the newly formed national agency, ARICCAME, would be tasked with overseeing cannabis and hemp supply chains that could create 10,000 jobs.
Prohibition Partners reports that the nation could earn US$500 million in annual domestic sales, with another $50 million generated by yearly …

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