Argentina’s Ministry of Science said it will invest more than $106 million in 13 research and development projects in hemp and cannabis across six provinces.
National and provincial governments, municipalities, civil society organizations, NGOs, and cooperatives are to receive funding under the program, which also is to establish an Industrial Hemp Round Table.
Minister of Science Daniel Filmus emphasized the initiative “aims at federalizing research projects in the topics that we consider central from Conicet and the Ministry.”
In addition to Conicet, a government-organized technology company established to advance the industrial hemp and medical cannabis sectors, the investment project includes the University of Buenos Aires, the National University of Litoral, and the National University of Hurlingham.
Argentina’s law establishing a legal framework for the cultivation, production, distribution and commercialization of cannabis products, derivatives and seeds was passed early last year. The law advances a whole-plant strategy for hemp that aims to exploit the crop for its health and environmental benefits in addition to its potential for economic development.
Potential $500 million
It also eases access to cannabinoid-based medicines in a large, rapidly growing domestic consumer market currently served by imports. The hemp and medical cannabis industries in Argentina could generate 10,000 new jobs, $500 million in domestic sales and $50 million in exports annually, according to government estimates.
Oversight of Argentina’s cannabis program is under the Regulatory Agency of the Hemp and Medicinal Cannabis Industry (ARICCAME) which is coordinating other regulatory bodies involved in the production chain. ARICCAME is expected to be formalized soon.