BOGOTA - Colombia gave the green light on Friday for the export of dried cannabis for medical purposes and other industries.
President Ivan Duque signed a decree that lifts a ban on the export of dried cannabis flowers. A step that is considered crucial by investors. This enables the sale of cannabis-based drugs and streamlines regulatory processes.
Export of cannabis
Although Colombia is hailed as a pioneer in regulating the possession, production, distribution, commercialization and export of seeds, plants and substances derived from marijuana — such as oils, creams and extracts for medicinal purposes — investors have long complained about the export approval process. That is now changing.
“This means Colombia can play a major role in the international market,” Duque said after the decree was signed. The new rules allow Colombian industry to expand into food and beverage, cosmetics and other sectors. Latin American pot exports could be worth around $6 billion in total, Duque said.
“It is critical for Colombia to realize its potential at a time when the global cannabis industry is being refined,” Colombian association Asocolcanna said in a letter published on its website.
In countries where the medicinal cannabis industry has more mature regulations, such as the United States, United Kingdom, Germany and Israel, dried weed is the most developed sector of the market, accounting for more than 50% of all sales.
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