International Cannabis Corporation, a licensed cannabis producer in Uruguay, plans on exporting medical cannabis oil next month for sale in Canada and Mexico, according to a report from Reuters. Alejandro Antalich, the chief executive of ICC, said he hopes to eventually sell the product locally but is not permitted under the nation’s adult-use regime.
The law, which originally mandated that pharmacies sell just two types of cannabis products to Uruguayan residents, allows medical cannabis products to be exported while recreational-use products must remain in the country. In August, banks began closing the accounts of pharmacies selling cannabis and last month officials announced they would begin moving the sales to private shops that will sell the products for cash.
Antalich said he would like to sell the medical cannabis oil locally “if the Public Health Minister thinks it can be commercialized in the local market.” ACC also announced they would begin constructing a cannabis laboratory on the outskirts of Montevideo, the capital, in April. The lab will be used to produce cannabis products, including the oils. In the meantime, ICC will produce the oil from a transitory lab.
The company plans to invest $10 million in its production facilities through 2018.