For all the buzz it’s generating, legalized pot may not live up to the hype. At least not in Uruguay where limits on production and pricing is leading one of two producers to diversify into less regulated hemp.
Weeks before selling its first ounce of pot at pharmacies, International Cannabis Corp. is already betting that hemp – a variety of cannabis – will be a much bigger market than selling the psychoactive part of the plant, according to Chief Executive Officer Guillermo Delmonte. Hemp and its extracts can be used in food, cosmetics and medicine.
“Recreational cannabis is regulated by the government and we sell what the government lets us sell,” said Delmonte, who worked in wealth management at Spanish bank BBVA before joining International Cannabis. “In the hemp market we can produce all we can to meet demand.” [Read more at Bloomberg]