This week, more than a year after Peru’s Law 30681 legalized medicinal marijuana, the Peruvian government announced regulations for legal medicinal cultivation and use.
Peru is one of the most prosperous countries in Latin America. Since the early aughts, it has maintained an average growth rate of 5.9 percent, largely fueled by local and foreign entities investing in Peru’s mineral resources and strong trade deals with countries around the world, but particularly in Latin America.
Since 2014, growth has slipped. While GDP continues to rise, investors are wary due to a few public scandals that delayed massive, expensive infrastructure projects. The price of natural resources has fallen considerably, making the economy, as a whole, less valuable.
As their natural resource-based economy declines, cannabis has the potential to fill in these gaps.
Following in the footsteps of Colombia, Uruguay, and other Latin American countries, Peru legalized cannabis in 2017 to establish the right for individuals to use cannabis and its extractions for medicinal use.
The initial legislation is short, appointing regulators within the government, establishing a license-based system to engage in cultivation and research, and most significant, defining what is considered medical use. When passed, the law did not provide details as to how these regulating bodies would operate and what the licenses would permit.
In a turn from typical in the Latin American experience, the Peruvian government passed the initial law and allowed over a year for regulators and government agencies to draft the full legislation depicting the full details of the deregulation.
Read more at potnetwork.com
