Benzinga reports The law still needs to be signed by President Alberto Fernandez. Lance Lambert, VP of marketing and business development for Nevada-based brand GreenBroz Inc., said the country’s population of over 45 million is “one to watch and be ready to take advantage of when the time is right.” The law passed the Senate last year, with ample support from state governors who are betting on cannabis to promote economic growth and sustainable development. The legislation does not legalize recreational cannabis, rather, creates the ARICCAME (Regulatory Agency for Hemp and Medicinal Cannabis), the agency that will regulate the production of cannabis for medicinal and industrial purposes. The agency will coordinate with state governments when and if cannabis and hemp licenses are approved, gaining a prominent role in the regulatory process. The law also provides cannabis businesses with access to traditional banking and establishes a streamlined regulatory process for hemp producers. Thursday’s decision in the Chamber of Deputies has been pending since July of last year when, after being proposed by the national government, it was later blocked by the opposition over disagreement on the details.
Cannabis Law Report, 05/07/2022 22:43:00