Following months of lobbying by the Colombian Cannabis Association, a major medical cannabis industry group, and government officials, Colombia is turning into a major medical marijuana producer. The new law will allow for the export of dry flower and include measures to promote the development where to buy marijuana seeds in colorado of the domestic cannabis-infused food and beverage market. The new regulations should go into effect in six to 12 months, according to industry sources. Oliver Zugel, founder of Bogota-based FoliuMed Holdings, suggested that the government aims to complete the process by spring 2022.
The new law allows for the export of dried cannabis flower for medical purposes, which is used in food and cosmetics. The decree does not allow for the export of psychoactive cannabis. According to a recent report, Colombian medical marijuana market is worth $9.1 billion USD in 2020. President Duque predicts a $62 billion market by 2024. As a near-equator country, Colombia has the climate to cultivate cannabis and produce the products it needs.
A Canadian company called Khiron is based in Bogota and has marijuana plantations in Colombia, Uruguay, and Chile. The company’s CEO, Julian Wilches, is a 40-year-old Colombian engineer who was motivated by the increasing number of people suffering from opioid addiction. Clever Leaves, which also operates in Colombia, is a vertically integrated licensed medical cannabis and hemp extract producer. In February 2018, it became the first Colombian company to export cannabis legally. In August 2019, it exported 5,500 hemp oil byproducts and CBD isolate to the UK and Australia.
Duque is a law-and-order conservative who views Plan Colombia as a success for foreign policy. But some critics say that Plan Colombia has negative consequences. It has led to a spike in the number of drug violence victims, as well as human rights violations and illegal mining for profit by rebel groups. But, in the long run, Colombia is likely to become one of the leading countries in medical marijuana exports.
A recent report by the think tank Fedesarrollo suggests that Colombia will earn around $2 billion from its medical marijuana industry within a decade. Its growth is being driven by a number of trade agreements with countries with medical cannabis regulation. Currently, 160 companies are active in 22 of Colombia’s 32 departments. The majority of their capital comes from Canada, the United States, and the EU. According to medcann Colombia’s executive director, several thousand hectares of cannabis could be cultivated in the country in the next few years.
The Government of Colombia has recently added low and high THC medical marijuana to its list of mandated medications. Khiron is a vertically-integrated medical marijuana producer with operations in Europe and Latin America. With the addition of medical cannabis to insurance coverage in December 2020, Colombia has positioned itself as a leading player in the medical marijuana industry. This is especially important given that the country’s legalization process for medical cannabis in Colombia is far from finished.
President Ivan Duque’s support for medical marijuana legalization aims to create a positive impact on the local economy. Colombia has long waged a costly war against cocaine and marijuana, which has destroyed thousands of hectares of rainforest in the past. In addition to destroying two hectares of rainforests, cocaine production has an extremely high carbon footprint. Drug processing chemicals are dumped into the Colombian forests.
Despite these challenges, Colombia is positioning itself as a major medical marijuana producer and its licensed land is perfectly suited for the cultivation of the cannabis plant. Its climate makes cultivation conditions ideal, and it receives 12.8 hours of see this page sunlight a day. Furthermore, Flora’s land is home to six natural spring water deposits that provide plenty of water. The company also plans to sell its first commercial harvest of cannabis to the Australian market, as well as CBD over-the-counter products.
In late 2016, the Colombian government approved exports of dried cannabis flower. The plant has therapeutic value and has potential to be used in many industries. The country also has access to highly skilled agricultural labor and a well-developed distribution network for its cannabis products. However, the government’s recent legislative decree lifted the ban on exports of dried cannabis flower. This new law has given Colombian cannabis companies the confidence to compete in the international market. The country could soon supply 44% of the world’s medical marijuana demand this year, a huge boost for the local economy.