Last week, Uruguay announced two new measures to incentivize the production and export of medical cannabis and hemp.
Uruguayan president Luis Lacalle Pou signed two new decrees into action that are meant to simplify the process by which Uruguayan companies export cannabis abroad.
The president had anticipated the roll out of these new measures early last week, but their exact reach had not been specified.
The country’s executive power legalized the export of medical cannabis products that were stuck in the country since 2018 for various reasons, said Rodrigo Ferrés, Deputy Secretary of the Presidency, in a press conference.
One decree authorizes the export of psychoactive batches of cannabis from the 2018, 2019 and 2020 harvests. The Deputy Secretary mentioned that some companies already had signed purchase deals with clients from abroad, but were not able to sell the products due to regulatory restrictions from the previous administration.
The other decree authorizes hemp exports from harvests of that same period.
Why It’s Important
Ferrés mentioned the urgency of some Uruguayan companies to sell these products given their perishable nature stating that the current administration received complaints from a large number of companies. Some businesses weren’t able to move their products for more than three years, in some cases.
The official emphasized the potential of the cannabis industry in bringing significant earnings and job opportunities to the country. The government will continue to develop policies to boost up the creation of more companies in the sector, including labs and manufacturing plants, he said.
Image: Historic Building in Montevideo's main Square by pirizluz from Pixabay
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us September 13-14, 2022 at The Palmer House in Chicago, IL.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.