Since Uruguayan authorities legalized production of cannabis for recreation and medical purposes in 2013, there have been several projects launched in Uruguay. The government is currently evaluating about 20 projects.
Aurora Cannabis Inc. from Canada and ICC Labs Inc. in Uruguay have entered into a definitive agreement pursuant to which Aurora intends to acquire the ICC Shares for approximately 220 million US dollar. The acquisition of ICC establishes Aurora as the industry leader in South America. ICC presently has over 70% market share in Uruguay. In addition, ICC holds licenses in Colombia for the production of medical cannabis.
Auxly Cannabis Group is active in Uruguay through Inverell. Inverell finalized its 2018/2019 cultivation plan where it will plant 150 hectares, composed of over 1,500,000 hemp plants, starting mid-October 2018. Inverell’s land parcel contains key pieces of infrastructure needed for the mass cultivation of hemp plants, including a large fresh water lake that feeds into an existing irrigation system infrastructure. Inverell expects that the first harvest, once completed in April 2019, will yield approximately 75,000 kilograms of biomass to be used as feedstock for its extraction facility
Uruguayan medical cannabis company Cannapur is considering filing an initial public offering or tapping private investors in the first half of 2019 to fund a portion of the $53 million it needs to build an extraction laboratory and 10 greenhouses.
There are also new opportunities for smaller enterprises that are open for external investors. For instance, a project that will have a centralized production facility which will include cultivation greenhouses, storage and processing warehouses, manufacturing and R&D lab as well as a nursery. They´re looking for a property that is strategically located for logistics and personnel but at the same time they want to incorporate Uruguay’s natural beauty and sustainability which is part of their branding. Ask us for more details.