Uruguay

Sat
26
Aug

US banking laws could hinder Uruguay's legal marijuana program

Uruguay's biggest bank is shuttering accounts linked to pharmacies that are legally selling marijuana due to concerns about running afoul of US laws regulating financial institutions, presenting a potentially significant obstacle to the advancement of Uruguay's historic marijuana legalization experiment.

Mon
21
Aug

Bank boycott snuffs Uruguay's legal marijuana sales

Uruguay's unique new marijuana industry has run into a hurdle as international anti-money laundering rules are forcing banks to close the accounts of pharmacies legally selling the drug.

Uruguayan pharmacies started selling marijuana last month under a 2013 law that made the South American country the first in the world to legalise pot all the way from production to sale.

But lenders such as Uruguayan state bank Banco Republica (BROU) now say they must abandon such businesses.

Not doing so would "cause BROU and its clients to be financially isolated", its president Jorge Polgar was quoted as saying by El Observador newspaper.

That would "prevent it from carrying out any kind of operation with an international counterpart", he warned.

Tue
15
Aug

Algae.Tec to Plant First Batch of Medicinal Cannabis in Uruguay

The 10-acre crop is estimated to yield circa 1000kg of oils, seed extracts and fibre products.

Algae.Tec Ltd (ASX:AEB) is planning to plant the first batch of medicinal cannabis crop in Uruguay this September as part of its research and collaboration agreement with Winter Garden Biosciences.

The companies are developing an initial crop of active heirloom cannabis, without genetically altered structures and with naturally high levels of cannabinoids.

Fri
21
Jul

Uruguay's Capital Sells Out of Marijuana After 1 Day

Pharmacies in the Uruguay’s capital Montevideo have run out of cannabis stock just one day after it was fully legalized in the country.

The four pharmacies licensed to sell marijuana ran out of stock three hours before closing time on Wednesday.

Pharmacy owners in the capital have already asked for more supply from the Uruguayan Institute of Cannabis Regulation and Control and can expect a delivery within 15 days.

Sixty percent of registered cannabis users are in Montevideo.

Thu
20
Jul

Legal marijuana sales begin in Uruguay

Marijuana aficionados lined up at pharmacies across Uruguay on Wednesday to be among the first in the South American nation to legally buy pot as a law regulating its sale took full effect.

Customers sniffed pungent green buds and grinned as they showed off blue-and-white envelopes containing the plant, which is now available as part a 2013 measure that made Uruguay the first nation to legalize a pot market covering the entire chain from plants to purchase.

Santiago Pinatares, a 35-year-old construction worker, braved freezing temperatures in the capital, Montevideo, as he waited outside one of the 16 pharmacies authorized to sell marijuana. He said he has been smoking pot since age 14 but had no choice but to buy on the black market until now.

Mon
17
Jul

Uruguay pharmacies to start selling marijuana next week

Uruguay will allow pharmacies to sell marijuana starting next Wednesday, in the final phase of a law making the small South American country the first in the world to legalise and regulate pot from production to sale.

Under legislation approved in 2013, Uruguayans have been allowed to grow their own pot and smoke it in clubs.

But working out a timetable for pharmacies to sell it -- the third and last conduit called for in the legislation -- proved more tricky. This has now been resolved, the state agency regulating marijuana said in a statement Friday.

People have to register to buy pot in pharmacies, and so far 4,700 have done so, most of them in the 30 to 44 age group, according to government figures. Uruguay's total population is 3.4 million.

Fri
14
Jul

UN Drug Report Calls for Research and Regulation on Cannabis

The United Nation Office on Drugs and Crime recently released its annual global report — it had plenty to say about every kind of cannabis market, illicit or regulated. But ultimately, it calls for more stringent scientific standards for medical cannabis and a “wait and see” approach to decriminalization in the United States and Uruguay.

he annual UNODC World Drug Report offers a statistical snapshot of the global drug market: According to the most recent one, an estimated quarter of a billion people — around 5 percent of the global adult population — used drugs at least once in 2015, and about one in 10 of those folks suffered adverse effects from that use.

Fri
07
Jul

What's The Best Model For Ending Cannabis Prohibition?

The calls for cannabis laws to be relaxed are growing ever louder, and while many countries have either decriminalised or legalised marijuana in recent years, there is still a great deal of uncertainty regarding how to make the transition to a post-prohibition world.

As such, there remains a pressing need for a thorough analysis of the benefits and drawbacks of the various models currently in place across the globe – as well as some that no one has been brave enough to try yet.

Decriminalisation

Mon
03
Jul

Uruguay's historic marijuana policies to roll out this month

The underlying intention of its legalization policies is to take business away from the contintent’s deadly narco businesses.

Uruguay’s bid to allow the sale of recreational marijuana in pharmacies, under its revolutionary law that fully legalized the production, sale and consumption of marijuana in 2013, is due to come into force this month.

Becoming the first country in the world to uphold such drug policies, Uruguay’s intentions, tabled under the leadership of leftist guerrilla-turned-former President Jose Mujica, is to take business away from the contintent’s deadly narco businesses.

Tue
06
Jun

What a Regulated UK Cannabis Market Might Mean for Business

Nick Clegg has warned of the risks of 'unfettered commercialisation', but how could the UK build a model that works for both small and large enterprises?

Former Deputy Prime Minister Nick Clegg claimed on Friday that legalising cannabis in the UK would improve public , but warned of the “risks of unfettered commercialisation”.

In doing so, Mr Clegg highlighted the potential tension between building a model that works for health and one that works for business.

So what might that model look like and what could it mean for UK business?

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