The National Congress of Argentina approved Law No. 27.669, which establishes the Regulatory Framework for the Development of the Medical Cannabis and Industrial Hemp Industry and creates the Regulatory Agency for Hemp and Medical Cannabis.
As reported by the Argentine edition of Agencia EFE, on 5 May 2022, Argentina passed Law No. 27.669, ‘Cannabis Law’, which complements Law No. 27.350 (D.O., 19 April 2017), which established the regulatory framework for the medical and therapeutic use of cannabis and its derivatives.
The new regulation creates the Hemp and Medicinal Cannabis Regulatory Agency (ARICCAME), which will be in charge of regulating the import, export, production, commercialisation and purchase of the cannabis plant, cannabis and its by-products for medicinal or industrial purposes.
Companies will need prior authorisation from this body to carry out any of these activities.
Argentina’s president, Alberto Fernández, made the enactment of the “Cannabis Law” one of the priorities for the 2022 legislative year.
The Ministry of Productive Development expects this new economic sector to attract investment, create 10 000 new jobs, generate $500 million in domestic sales (approximately €467 million) and $50 million in annual exports by 2025.