Argentina’s government is laying the groundwork to establish a domestic industry of regulated medical cannabis sales while eyeing the international market.
The South American nation is targeting $500 million in local medical cannabis sales plus $50 million in exports by 2025, according to a Ministry of Productive Development report obtained by Reuters.
“The industry has incredible potential,” Gabriel Gimenez, one of the three directors of the industry’s governing body – Agencia Regulatoria de la Industria del Cáñamo y del Cannabis Medicinal, or Regulatory Agency for the Hemp and Medicinal Cannabis Industry (ARICCAME) – told Reuters.
Gimenez said 51 projects are taking place around the country.
The ARICCAME national regulatory agency launched in January.
The agency will look to establish clear rules providing legal certainty to the sector and monitor noncompliance with the regulatory regime.
The ARICCAME will also be responsible for authorizations of imports, production, domestic marketing and exports, according to the Allende & Brea law firm in Buenos Aires.