Another Latin American country may be next to legalize Industrial Hemp and Cannabis at the same time. On June 16th, 2021, Casa Rosada, on the behalf of Argentinian Minister of Productive Development, Matías Kulfas presented the bill entitled, “Regulatory Framework for the Development of the Medical Cannabis and Hemp Industry”(Translation). This bill was presented within the framework of the Economic and Social Council, as per El Planteo.

Minister Kulfas believes Argentina has the necessary infrastructure and experience in the full agricultural value chain to be able to thrive in an industry that has seen recent legislative change across the world, with 50 countries on the list of those approving legalization. Kulfas says,

“Argentina has a global leadership in agricultural production, scientific research network, network of laboratories, experiences of organizations in civil society, incipient development of suppliers and 22 provincial and 80 municipal initiatives.”

Furthermore, Minister Kulfus believes that the economic benefit of approving legalization could have significant impact on the country. Kulfus was quoted as saying

“It is an activity that can generate 10 thousand new jobs (of which perhaps 20% are oriented to research, development and innovation activities); 500 million dollars in sales to the domestic market per year and 50 million dollars in exports per year . It would be a starting scenario with a strong federal economic impact ”

There is a lot of excitement in Argentina surrounding this bill, and should everyone be in agreement we could see a new market for Industrial Hemp entering the global marketplace.

Read the full bill here (Spanish).