Argentina recently launched a hemp and Cannabis agency, the Regulatory Agency for the Hemp and Medicinal Cannabis Industry (ARICCAME), which officials hope will help create new jobs and exports for the nation, Voice of America reports. During a conference announcing the move, Economy Minister Sergio Massa said 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.” 

“All this needs to be transformed into an industry which generates work, which generates exports for Argentina and which generates value.” — Massa via VOA 

The South American nation legalized Cannabis oil for medical use in 2017, allowing the government to grow Cannabis for research and medical purposes. In 2020, lawmakers legalized the home cultivation of Cannabis for medical purposes, made it legal for pharmacies to sell Cannabis-derived products, and required insurers to cover Cannabis medicines.  

Francisco Echarren, who will head the agency, said the Cannabis industry could create thousands of new jobs, technological developments, and new products for export. 

“We have a huge challenge ahead of us,” he said during remarks at the conference, “not only getting a new industry on its feet, but giving millions of Argentines access to products that improve quality of life.” 

Last month, Argentina’s Ministry of Science said it plans to invest more than $106 million in 13 research and development projects in hemp and Cannabis across six provinces, according to a Hemp Today report.  

The government estimates hemp and medical Cannabis industries in Argentina could create 10,000 new jobs, $500 million in domestic sales, and $50 million in exports annually.  

Get daily Cannabis business news updates. Subscribe