New Uruguayan Law Creates Business Opportunity
In 2013, President Mujica legalized marijuana for both medical and recreational use. As a result, entrepreneurs and businessmen from across the globe are now flocking to the South American country seeking cannabis-based business opportunities.
Hundreds of private and public companies, such as the American multinational agrochemical and agricultural biotechnology company Monsanto, have begun preliminary discussions with government officials in Uruguay to understand more about cannabis related business regulations and the future outlook for the industry. Uruguay hopes to establish itself as the South American cannabis research and business center.
The cannabis industry is in its infancy and there are endless opportunities for new businesses. Such opportunities include: hemp and cannabis cultivation centers, distribution outlets, medical research, retail stores, agrochemical and hydroponic equipment, agricultural biotechnology and so many more!
The law allows each individual to cultivate up to 480 grams per year, however they are not allowed to sell or distribute. Government officials estimate that by the end of 2014 pharmacists will have enough supply to satisfy the growing demand for medical marijuana. Consumers will be able to purchase marijuana from licensed drugstores at an estimated rate of $1 per gram. The government intends to issue six licenses to private growers that will produce and distribute cannabis.
Executives from a few medical marijuana companies are concerned with Uruguay government’s plan to regulate the legalized marijuana industry. The government combined both medical and recreational marijuana into one industry. In order for this recent political experiment into legalized cannabis to be successful, the entire process from “seed to sale” must be regulated, audited, and enforced.
President Mujica envisions Uruguay having a safe, successful and legitimate marijuana industry that is free of criminal activity and internal corruption. In order to achieve this goal however, there must be strict regulations and guidelines that provide transparency into all aspects of this developing industry. Government officials must crackdown on illegal activity and convince consumers to buy from state-regulated businesses.
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