The Regulatory Agency for the Hemp and Medicinal Cannabis Industry (ARICCAME) was just set up in Argentina.
According to Voice of America, officials hope that it will help the country create new jobs and exports. Economy Minister Sergio Massa said at a press conference where the move was announced that the new agency “opens the door for Argentina to start a new path in terms of industrial exports, on the basis of huge global demand.”
In 2017, Argentina made it legal for people to use cannabis oil for medical purposes. This meant that the government could grow cannabis for research and medical purposes. In 2020, lawmakers made it legal for people with medical needs to grow cannabis at home. They also made it legal for pharmacies to sell products made from cannabis, and they required insurance companies to cover cannabis medicines, according to a report by Ganjapreneur.
Francisco Echarren, who will be in charge of the agency, said that the cannabis industry could lead to the creation of thousands of new jobs, new technologies, and new products that could be sold abroad.
A report from Hemp Today says that Argentina’s Ministry of Science said last month that it plans to spend more than $106 million on 13 research and development projects in hemp and cannabis in six different provinces.
The government thinks that the hemp and medical cannabis industries in Argentina could bring in 10,000 new jobs, $500 million in sales within the country, and $50 million in exports each year.