Uruguay XXI signed an agreement with the Institute for the Regulation and Control of Cannabis

Uruguay XXI and the Institute for the Regulation and Control of Cannabis (IRCCA) signed an agreement on October 10, which promotes the exchange of information to improve advice to companies interested in investing in the cannabis sector.

The event was attended by the Assistant Secretary of the Presidency, Juan Andrés Roballo, the Secretary of Productive Transformation and Competitiveness in Transforma Uruguay, Álvaro Ons, the Executive Director of Uruguay XXI, Antonio Carámbula, the Executive Director of IRCCA, Martín Rodríguez, and the General Secretary of the National Board of Drugs, Diego Olivera.

"The regulation of cannabis is also an opportunity for sustainable development," said the Assistant Secretary of the Presidency and reported that currently there are 17 companies that have authorization for the development of activities and research, cultivation or industrialization of cannabis and 5 academic groups with authorization for the development of research projects in various areas.

Álvaro Ons, Secretary of Productive Transformation and Competitiveness in TransformaUruguay, explained that the objective of this institution is productive, sustainable and innovative development. "That is what links us to these projects, which are intensive in employment, knowledge and promote productive diversification," he said.

The executive director of IRCCA informed that the agreement establishes that information will be shared in order to obtain a better knowledge of the local offer of projects and the execution of a consultancy that allows to dimension the opportunities of cannabis business.

The project establishes the institutional articulation for the development of capacities that allow to offer an adequate answer to the investor on the requirements and aspects to take into account to present projects related to cannabis.

The executive director of Uruguay XXI said that "this agreement will allow better advice to companies and encourage them to invest in the sector. Carámbula explained that investments linked to the non-recreational cannabis business are highly linked to the life sciences sector and have a strong innovation component. This sector is one of the prioritized sectors within the Uruguay XXI Global Services program, which aims to increase foreign direct investment, exports and employment in the global export services sector.

Projects are currently being evaluated for an investment between 80 and 100 million dollars and would generate 2,500 work positions, said Diego Olivera of the National Board of Drugs.