Argentina’s Cannabis Industry Shakeup: Will The New Government-Appointed Comptroller Boost Business Opportunities?

By Lucía Tedesco via El Planteo

Through Decree 833/2024, the Argentine government has decided to intervene in the Regulatory Agency for the Hemp and Medicinal Cannabis Industry (ARICCAME) to address the operational issues that have hindered the hemp and medicinal cannabis sectors in the country.

The decree, published in the Official Gazette, appoints Dr. Ignacio Ferrari as the agency’s comptroller. He will take control of ARICCAME for one year, with the possibility of an extension.

The intervention was driven by “lack of staff, inadequate operations, delays in issuing licenses and permits and a substantial backlog of private sector demands that have gone unmet.”

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The decree states that the intervention aims to improve the efficiency and effectiveness of the agency, aligning its operations with the objectives of Law No. 27,669, which governs the production and commercialization of hemp and medicinal cannabis in Argentina.

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Ferrari, as comptroller, will have broad powers of direction and administration. His duties include reviewing the agency’s organizational structure, speeding up the issuance of licenses and permits, and coordinating with other public authorities and law enforcement to ensure the agency operates smoothly. Additionally, he will have the authority to adjust external financing programs and manage the agency’s human resources.

The Ministry of Economy will also provide support to the agency during this period by handling budget execution and financial administration tasks.

In recent months, companies and industry stakeholders have expressed concerns over delays in licensing and unclear regulatory procedures.

With Ferrari’s appointment as comptroller, the government aims to revitalize the industry and facilitate the development of new projects, both locally and internationally. These changes are expected to streamline the licensing process and position Argentina as a key player in the hemp and medicinal cannabis industries in the region.

This article is from an external unpaid contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.