Uruguay’s Cannabis Industry Faces Uncertainty as Mujica Exits
Ryan Allway
October 27th, 2014
Policy, Top News
Uruguay became the first country in the world to legalize adult-use marijuana on a federal level. During his five-year presidency, Jose Mujica reignited the small country’s economy, reduced poverty from 21% to 11.5%, and became the first South American country to legalize abortions. The future of these dramatic reforms remains uncertain, however, as the upcoming elections approach.
At least two of the front-runners for president have already said they would change the marijuana law in some way if elected, while Pedro Bordaberry of the Parido Nacional has made it clear it would be on the way out. Mr. Bordaberry has stoked the widely held belief that the United States and Europe have been using the country as a testing ground for legalization to potentially negative ends.
Government-controlled marijuana isn’t being sold quite yet within the country due to disagreements over the implementation of the law. In the meantime, many customers are still forced to buy product from street dealers to grow their own product in their homes. Others worry that a legal government registry of smokers now could turn into a list of criminals in a future regime.
In the end, Uruguay is well known for its liberal reforms including divorce, abortion, and a strict separation between church and state. Many of these reforms are very unusual for the traditionally religious Latin American region. The marijuana laws may not be perfect as written today, but many are hoping that the country will become a model for others looking to reduce crime and raise tax revenue.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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