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Uruguay has issued hemp permits to four companies, including one backed by U.S. investors, and is studying two more requests, the Agriculture Ministry said in an emailed statement. International Cannabis and Simbiosys last year outbid nine other investors including Canadas Tilray to win government licenses to produce as much as two tons of recreational weed a year each for distribution in pharmacies. Pharmacy sales will start in a matter of weeks under a pilot program, National Drugs Board chairman Juan Andres Roballo said in an interview. International Cannabis and Simbiosys will compete with 17 licensed cannabis clubs, almost 5,000 registered home growers and drug traffickers for a recreational weed market in the South American country of 3.3 million people that government estimates put at around 30 tons a year. Uruguayan residents who register with a government data base and pass a fingerprint scan at a participating pharmacy will be able to buy as much as 40 grams a month of unbranded, plain packaged pot. Pharmacies are allowed to charge consumers a 30% mark-up over the $0.90 a gram regulated wholesale price they pay International Cannabis and Simbiosys, according to cannabis regulatory agency Ircca. Low Prices Low prices havent deterred International Cannabis investors from pouring several million dollars into the company. International Cannabis is building a new 6,500 square meter greenhouse that could produce as much as 10 tons of recreational weed a year if the government expands its production quota, Delmonte said. International Cannabis is also studying opportunities to invest in medical cannabis in other South American countries, Delmonte said.
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