Last year Uruguay became the first country to legalize the sale of marijuana for recreational purposes throughout its territory. Now, marijuana can be acquired legally through three modalities: pharmacies, crops and cannabis clubs. According to The New York Times, marijuana is sold in pharmacies for $ 1.30 a gram and the maximum amount allowed for sale is 10 grams a week. This is a lower price than the illegal market where, according to the newspaper El Diario, a gram of marijuana sells for $ 4. In addition, pharmacies guarantee the highest possible quality of the product.
However, and according to this same medium, of the 1,100 pharmacies in the country, only 16 sell marijuana. This is due to the low prices of the product and its low profit margins. The newspaper also points out that: “the main problem is that banks have threatened to close the accounts of pharmacies that sell marijuana in Montevideo.”
For home cultivation, almost 7,000 people have registered, who can now grow and harvest up to 480 grams per year. As for the cannabis clubs, they can have a maximum of 45 members and harvest up to 40 grams per month. According to the newspaper El País, membership to these clubs costs around $ 100 per month. Julio Calzada, formerly responsible for drug policy in Uruguay, affirms that with these modalities “we have removed at least 12,000 people from the illegal market. That is already a success. And it will continue to grow. “
In economic terms, the State runs the business. However, according to The New York Times, the initial investment of Simbiosys, a company licensed for cultivation and distribution, was $ 1.7 million and the estimated profits are half a million dollars in 5 years. With regard to sales prices, the US newspaper states that: “Pharmacies will keep 30 percent of the final sale price. Another 10 percent will be for the State that would raise one million dollars per year if users smoke the four tons planned per year. The two licensees, Simbiosys and International Cannabis Corporation (listed on the Toronto Stock Exchange), will keep $ 0.90 for each gram sold. “