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Benzinga

What’s going on in Uruguay? A cannabis facility worth millions of dollars is being auctioned for the price of a studio apartment.

A medicinal cannabis production facility is located in Uruguay The auctioned property was sold for $335,000, which is roughly the cost of a two bedroom apartment in South America or a studio apartment here in the U.S. This figure has caused a lot of controversy, especially since the company’s initial valuation was $9.5 million.

The facility belonged Pharmin, A company backed by Georgian money focused on the production of high-quality medicinal marijuana and its export to Europe and Asia. Despite its promising future, the company disappeared suddenly from the market by 2024. The owners’ whereabouts remain a mystery.

Owners and Layoffs without Severance

Pharmin was established in 2019 and has quickly become a major player in the Latin American market. Cannabis industry. The company was able to produce 1 ton of dried flowers per month on a 2.3 hectare (5.68 acre) property located in Uruguay. Pharmin shut down abruptly in 2024, laying off 65 employees via WhatsApp messages. Not only did they not receive severance, but they were also not deregistered by the Social Security Bank.