The company Pideka made the first commercial export of medical cannabis to Mexico and for the pharmaceutical industry, a market that could represent close to $20 billion in the next five years, according to company estimates. The company also expects to be a major player in Europe and to multiply by five the number of jobs in the country in two years.
The shipment was made from its indoor crops in Tocancipá to Mexico, which has close to one million potential patients suitable for treatments with these components.
“This is a very important step that we have been able to take hand in hand with ProColombia and other entities of the Colombian Government, which opens the door to consolidate ourselves in a market as important as the Mexican market, to sell medical cannabis oil with THC to the public or private sector. This can be used by the pharmaceutical industry to combat four fronts: chronic pain such as arthritis, different types of epilepsy, insomnia, stress and anxiety, and to reduce the side effects of chemotherapy in cancer treatments. The Mexican client chose this product of Colombian origin because of production, quality and legislation issues,” said Borja Sanz de Madrid, president of Pideka, a company created in Colombia that is part of the Canadian international holding company Ikanik Farms, which has Canadian, Spanish, North American and Latin American investment.
Read more about Colombia’s first medical cannabis export to Mexico and read the latest cannabis news in the world with the Hemp.im mobile app.
ProColombia to support the cannabis industry
The businessman estimates that in the next two to three years they could be exporting from Colombia between $80 million and $100 million in medical cannabis with THC, taking into account that a liter of the product can cost around $45,000.
ProColombia seeks to support the cannabis industry in terms of regulation, investment promotion, exports and identification of opportunities in markets where regulation allows access to these products, such as Germany and the United Kingdom. In addition to profiles of other markets such as Peru, the United States, Spain and Brazil.
“This is a conservative range, based on the quantities of liters we have per year, which we will increase progressively. We see a great demand in Mexico and we also aim to serve the European market, where we have already seen interest from pharmaceutical companies in Denmark and England. Once Asia begins to have its first legalizations, it could be a very important continent in terms of demand.
In that sense, we aim to be one of the main players worldwide, thanks to our efficiency model”, said the president of Pideka, a company with a little more than 30 employees and which expects to reach 150 positions in 2022.
According to figures from the Dane, between January and November 2020, the United States, United Kingdom, Australia, Israel, Germany and Switzerland were the countries that bought the most medical cannabis from Colombia. The jump has been exponential since, in that period, exports went from $275,000 in 2019 to $4.7 million, with a growth of over 1,600%.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Portafolio, 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.
Audax, a Low-Risk ESG Company According to Morningstar Sustainalytics ESG Rating
In summary, Audax has demonstrated its leadership in sustainability and ESG performance by earning an "ESG Low-Risk Company" rating from...
VR Bank Bamberg-Forchheim Celebrates Seven Successful Crowdfunding Projects
The VR Bank Bamberg-Forchheim eG not only initiates and maintains the online platform, but also acts as a donor. Because...
Alarming Campaign Absenteeism Jeopardizes Bill Regulating Recreational Cannabis in Colombia
The bill regulating recreational cannabis must pass a total of eight debates, divided into first and second rounds: four and...
CNBV Calls for Unity in the Mexican Fintech Sector to Drive its Development
The fintech sector is made up of 650 identified firms, according to the latest Fintech Radar Mexico 2023 published by...
Jazz Pharmaceuticals’ Leukemia Drug Receives European Commission Approval
Jazz Pharmaceuticals is a biopharmaceutical company dedicated to the development of drugs in neuroscience and oncology. Founded in 2003 in...
Fintech1 week ago
Latin American Fintech Companies that Raised the Most Capital This Year
Fintech2 weeks ago
Fintech Company Cleafy Raises €10 million
Crypto3 days ago
Coinbase Now Holds as Much Bitcoin as Satoshi Nakamoto, Arkham Reveals
Crypto1 week ago
Ripple’s IPO Plans – What Do They Mean for XRP?