Multi-Million Dollar Cannabis Facility Auctioned For The Price Of A Studio Apartment: What’s Going On In Uruguay?
By Natalia Kesselman via El Planteo
A medicinal cannabis production facility in Uruguay was auctioned off for just $335,000 — roughly the price of a two-bedroom apartment in the South American country, or the price of a studio apartment in the U.S. This figure has sparked considerable controversy, especially given that the company’s original valuation stood at $9.5 million.
The facility belonged to Pharmin, a company backed by Georgian capital focused on the production and export of high-quality medicinal cannabis to Europe and Asia. Despite its promising prospects, the company vanished suddenly from the market in 2024. The whereabouts of its owners remain a mystery.
Layoffs Without Severance And Owners Nowhere To Be Found
Pharmin was founded in 2019 and quickly became a notable player in the Latin American medicinal cannabis industry. With a 2.3-hectare (5.68-acre) property in Uruguay, the company had the capacity to produce one ton of dried flower per month. However, in the early months of 2024, Pharmin abruptly shut down, laying off 65 workers via WhatsApp messages. To make matters worse, not only were they denied severance pay, but they also weren’t deregistered from the Social Security Bank (BPS).
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