On Thursday May 5th, 2022 the Argentine Congress passed the law regulating the industry of medicinal cannabis and industrial hemp. The Argentine President must promulgate it (and still may fully or partially veto it).
The scope of the law is the regulation of the chain of production, domestic commerce and/or exportation of cannabis, its seeds, and its derivatives, with medicinal, scientific and industrial purposes.
In doing so, it, it addresses and clarifies several aspects relevant to the industry, such as, the implications under criminal legislation in case of operating with such products, the regulatory powers of the enforcement authority therein created, the standard applicable to the issuance of administrative authorizations for the performance of activities falling within the scope of the regime, the applicable penalties in case of infringement of the disposition contained in the law, and the articulation of the new disposition with prior legislation on cannabis which is also currently in force.
This is a promising new regulatory framework for an industry with strong potential, expected to attract investments and be one of the drivers behind economic growth and development in Argentina.