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Home 🌿 Regional 🌿 South America 🌿 Uruguay 🌿 Official: Bidders compete for Uruguay pot business 🌿

Official: Bidders compete for Uruguay pot business

Submitted by Marijuana News on Thu, 08/28/2014 - 12:01

MONTEVIDEO, Uruguay (AP) — Uruguay's new market for legalized marijuana has attracted at least 20 companies bidding for the right to supply pot to the country's pharmacies, a government official said Thursday.

An official from President Jose Mujica's office says cannabis regulators will review and pick the best businesses from the competitors that passed initial scrutiny. It's not clear how many may eventually be granted licenses in the South American country.

The government official did not specify an exact number of bidders, saying only it was "more than 20 and less than 25." He spoke Thursday on condition of anonymity because he was not authorized to speak to the media.

Successful companies must identify everyone involved in their businesses, document the source of their financing and be cleared by Uruguay's anti-money laundering agency.

Uruguay is the first nation in the world to attempt to regulate the cultivation and sale of...

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URL: 
http://bigstory.ap.org/article/official-bidders-compete-uruguay-pot-business

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