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Colombia Continues its Progress in the Cannabis Sector

On Wednesday, June 1st, the forum ‘Cannabis for medical, scientific and industrial purposes’ was held in Bogota. There, the Minister of Justice and Law, Wilson Ruiz Orejuela, stressed that the current regulatory framework of the National Government on the subject is strengthening Colombia’s pharmaceutical industry with the aim of making it an international benchmark.

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Little by little, Colombia has been advancing with certain steps towards the construction of one of the new industries in the world, which has been leaving millions of dollars in profits. We are talking about medical cannabis, this pharmaceutical industry is already taking the first steps and is seen as an international reference.

On Wednesday, June 1st, the forum ‘Cannabis for medical, scientific and industrial purposes’ was held in Bogota. There, the Minister of Justice and Law, Wilson Ruiz Orejuela, stressed that the current regulatory framework of the National Government on the subject is strengthening Colombia’s pharmaceutical industry with the aim of making it an international benchmark.

“But above all, this regulatory framework will guarantee the availability and access to safe and effective cannabis-based medicines for patients,” said the senior official, who was in charge of moderating the panel “Regulatory Developments in Colombia.”

Minister Ruiz Orejuela began by reviewing the main regulatory changes in the sector and their impact on the consolidation and growth of the entire cannabis industry for medical, scientific, and industrial purposes.

The first step was taken with the regulation of Law 1787 of 2016 in August 2017, which was updated taking into account the technical experience gathered and the fluidity demanded by the sector. He also indicated that this resulted in the issuance of Decree 811 in July 2011. “This decree provided clarity in the rules that regulated the activities authorized by the licenses, especially in terms of the use of parts of the plant for industrial purposes, which is an important source of economic growth and employment generation,” he noted.

Ruiz Orejuela then referred to Resolution 227 of 2022, which included specific rules to make the manufacture of food, dietary supplements, and alcoholic beverages viable. And he expounded on the quota system and how it makes everything clearer and more agile to guarantee continuous production, promote the fluidity of the sector and focus the work of the different entities on subsequent control that ensures the traceability of licensed activities.

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Undoubtedly, Colombia continues to make progress in this area

In fact, in the coming weeks, in July to be precise, Cartagena de Indias will be the meeting point for some of the most prominent exponents of the Cannabis industry in Latin America and the world, who will arrive in the country to be part of the third edition of ExpoCannaBiz Business Conference, the business fair that has been consolidating itself as the most relevant in this sector in Colombia and Latin America.

The event, which will bring together nearly 1,500 attendees from more than 40 countries, has 50 exhibitors and about 40 national and international speakers who will be talking about regulation, crops, food, health, pharmaceuticals, cosmetics, and textiles, will be just some of the topics and economic sectors that will have a key space in ExpoCannabiz Business Conference 2022.

In the first two editions, entrepreneurs, industry agents and other economic sectors found multiple business opportunities in the national and international market of the so-called ‘green gold’.

That is why it has the support of Mita (Cannabis Industry Association of Arizona, USA) which has managed to strengthen and aggregate the sector in that country. Likewise, with the C3, the Colombian Chamber of Medicinal and Industrial Cannabis, a recognized organization that seeks to consolidate the sector in the country, as well as to develop the entire production chain and turn it into an agro-industry, similar to what happens with coffee production and take advantage of the potential it has.

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(Featured image by Flavia Carpio via Unsplash)

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First published in Semana, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Arturo Garcia started out as a political writer for a local newspaper in Peru, before covering big-league sports for national broadsheets. Eventually he began writing about innovative tech and business trends, which let him travel all over North and South America. Currently he is exploring the world of Bitcoin and cannabis, two hot commodities which he believes are poised to change history.