Colombia Now a Major Player in Industrial Cannabis Production

On Friday, the President of the Republic, Iván Duque Márquez, accompanied by the Ministers of Justice and Law, Health and Social Protection, and Agriculture and Rural Development, signed the Decree on Safe and Informed Access to the Use of Cannabis.

The regulation authorizes the export of cannabis dried flowers for medicinal purposes, provides greater incentives to the pharmaceutical industry in the country and guarantees access to derived medicines.

This marked the beginning of a cannabis regulatory revolution in Colombia, making the country a major player in the industrial production of this product.

Read more on the subject and find the latest cannabis news in the world with the Hemp.im mobile app.

The new decree is aimed at safe and informed access to medical and scientific use of cannabis

The development for the industrial, food, and medicinal production of cannabis, as well as the export of dried flower of the product, is covered by the policy of legality, emphasizing its medicinal use with the international reference of safe medicines and the opening of new markets.

Wilson Ruiz Orejuela, Minister of Justice and Law, recalled that since 2019 the National Government has been working in technical tables with guilds, companies, academia, small producers and other stakeholders in the construction of the new provision that modifies Decree 613 of 2017, on safe and informed access to the medical and scientific use of cannabis.

The new decree is aimed at safe and informed access to medical and scientific use of cannabis, strengthens licensing requirements, requires an anti-corruption commitment from those who request them, creates a manufacturing license for non-psychoactive derivatives of the plant to improve tracking and traceability, and establishes measures to protect and strengthen small and medium-sized producers, as well as growers.

The regulation, in force with the act of presidential signature, allows value-added exports, accessing the entry of the flower to free trade zones to be cut and dried and to carry out processing, packaging and repackaging activities.

The Minister of Justice highlighted that in terms of competitiveness, the new decree strengthens scientific research, allowing, through extraordinary authorizations to higher education institutions, to carry out research on the cannabis plant and its derivatives.

Ruiz Orejuela stated that the requirements for the granting of licenses will be strengthened, more severe measures will be established to cancel them and the obligations and prohibitions for licensees will be toughened.

“An anti-corruption commitment will be required from license applicants, as well as a certificate of shareholder composition of those who hold 20% or more of the shares. This in order for such licenses to be granted under the principle of transparency,” he said.

Finally, another aspect to highlight of the new decree has to do with the extension of the term of the licenses from 5 to 10 years, recognizing the dynamics of the industry and the process of elaborating value-added products, and the elimination of the prohibition to advertise cannabis plants, their derivatives and finished products, complying with legal requirements.

__

(Featured image by PublicDomainPictures via Pixabay)

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 DIARIOJURIDICO.com, 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.