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Uruguay’s Cannabis Market Continues to Expand

Ryan Allway

June 1st, 2015

Policy, Top News

Uruguay became the first country to legalize recreational marijuana on a national level about a year ago under the guidance of former President Mujica. Despite early opposition by the Broad Front’s political rivals, who vowed to repeal it if elected, Tabare Vazquez’s election cemented the program’s future in stone – at least for the next several years. The program’s full rollout has experience a few delays, but things are finally starting to progress.

Currently, private citizens are permitted to cultivate up to six plants in their houses and can form private grow clubs that produce significantly more. However, all sales must go through the federal government, which plans to establish a network of dispensaries and set prices at levels sufficient enough to generate tax revenue and undermine the black market. Customers must also register with the Ministry of Health with violators paying steep penalties.

Many retail locations selling growing products have seen a jump in demand, according to a recent Fox News report. Specialized stores selling unique soils, lighting supplies, hydroponics, and other equipment have reported strong growth over the past several months. Customers looking to grow their own marijuana have looked towards tools like these in order to improve their yields and produce a high quality crop in their own homes.

“We noticed that there has been increased demand, and it continues because the market was created and it will keep growing,” said Manual Varela, owner of a downtown Montevideo store offering items for growing marijuana, in the Fox News piece.

The main challenges remaining for the industry stem from a distrust of the government when it comes to cannabis. With all customers required to register in a database, some citizens fear the future governments will use it for sinister purposes. Young people – who did not grow up under a dictatorship – appear to be more likely to sign up than older people who have experienced repression under past leaders of the small South American country.

Ultimately, former President Mujica established the law for public health reasons more so than an experience with new freedoms – as the U.S. has been doing. The goal is to cut out the black market and provide access for those who would like to use the drug for medical purposes.

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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CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

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