Latin America's cannabis exports could amount to $ 6 billion
Colombia on Friday gave the green light to exports of dried cannabis intended for the medical industry and other industries. The Andean country has taken a new step in the development of its marijuana industry, where progress has been slow despite high potential.
President Ivan Duque signed an executive order lifting the ban on the export of dried cannabis flower, a measure considered crucial by investors. The directive also allows for the expansion of sales of cannabis-based medicines and streamlines regulatory procedures.
While Colombia has been hailed as a pioneer in the regulation of possession, production, distribution, marketing and seed export and substances derived from cannabis - such as oils, seeds and extracts for medicinal purposes - investors had long complained about what they said was a tortuous process of approving exports.
“This means that Colombia can enter to play a big role in the international market,” Duque said after signing the decree, adding that the new rules would allow the Colombian cannabis industry to expand into food and to beverages, cosmetics and other sectors.
Latin America's cannabis exports could amount to $ 6 billion
The lifting of the ban on the export of the dry flower will initiate a regulatory process which we hope will be carried out in great detail, to the highest international standards, told to Reuters Juan Diego Alvarez, vice-president responsible for regulatory issues for producers.
Colombian cannabis industry association Asocolcanna urged the country to seize the opportunity to make the most of its competitive advantages. It is crucial for Colombia to realize its potential at a time when the global cannabis industry is improving, ”Asocolcanna said in a letter posted on its website.
In countries where the medicinal cannabis industry has more mature regulation, such as the United States, United Kingdom, Germany and Israel, dried cannabis is the most developed sector of the market, accounting for over 50% of all sales.
