Insights | Government gives the green light to the export of medicinal cannabis in Colombia

Tomado de Portafolio


Government gives the green light to the export of medicinal cannabis in Colombia

On July 23 at an event in Boyacá, President Iván Duque signed Decree 811 of 2021, which allows the export of dried cannabis flowers and creates incentives for its pharmaceutical use. This news fell very well in different companies and unions that have been working for more than two years with the government in the design of a regulatory framework that facilitates the trade of medical cannabis.

“Colombia today eliminates the ban on the export of dried flower. And that represents for Colombia to enter to play big in the international market ”, were the words of President Duque at the event on Friday. The optimism of the president is shared by María Claudia Lacouture, executive director of the Colombian American Chamber of Commerce, who assured that Colombia has great opportunities in a market that, according to her, will represent US $ 64,000 million by 2024 worldwide.

This is not a minor issue, because according to different estimates, the potential for cannabis exports in Colombia is even greater than that of oil (US $ 17.7 billion compared to US $ 16,843, according to the newspaper La República). But in addition to the income it represents, the cannabis market requires a whole production chain that implies the generation of employment at different levels. According to Fedesarrollo, with only 45 hectares cultivated in 2020, 1,214 jobs and total income of US $ 109 million were created. If the projection is made to 2030, it is estimated that 1,558 cultivated hectares represent 41,768 jobs and US $ 3,065 million in total income, which represents a great panorama for Colombia.

What is expected now is that the medical cannabis industry will be one of the key sectors for the economic reactivation of the country. In fact, the government’s aspiration is for Colombia to be the leader in this market in Latin America. “Now Colombia has the best regulation in Latin America. With this decree we are going to become the number one in Latin America in the sector and we are going to do it hand in hand “, said President Duque to close the event in Boyacá.