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Medical Cannabis To Be Sold Freely in Drugstores across Colombia

The Colombian Association of Cannabis Industries, Asocolcanna, indicated that the potential of this market is great since the country went from exporting $310,000 as of December 2020, to $5.2 million in the first 5 months of 2021. A new agreement between Clever Leaves and a laboratory will make medical cannabis available across dispensaries in Colombia.

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The agreement between Clever Leaves Holdings, which grows its products in Colombia, and the Pharmalab laboratory, will allow people to purchase medical cannabis under the regulated sale by formulas.

The company highlighted that this is achieved after the issuance of Decree 811 by the national government, which regulates the sale of medical cannabis products in all drugstores.

“We are very proud that, from our crops in Pesca (Boyacá), and our extraction plant and laboratory in Tocancipá, we are supplying medical cannabis products, products grown by Colombians and for Colombians, to doctors and patients in our country,” Andrés Fajardo, president of Clever Leaves, told Caracol Radio.

Find out more about the medical cannabis market in Colombia and read the latest hemp news with the Hemp.im mobile app.

Since 2016, authorities have granted 700 licenses to grow cannabis for medicinal purposes

It is considered that this industry could be one of the pillars of economic reactivation in the country after progress was made in the Congress of the Republic in the study of a bill on medical cannabis.

According to data cited by the company BDO Colombia, the cannabis industry can grow some $27.89 billion in the period between 2020 and 2024, with a compound annual growth rate of approximately 4%.

“The conditions that Colombia offers to grow cannabis in terms of climate and economy place the country in a privileged position, which should be exploited to the fullest,” said Juan Camilo Campos, audit partner and expert in charge of the industry at BDO.

Meanwhile, the Colombian Association of Cannabis Industries, Asocolcanna, indicated that the potential of this market is great since the country went from exporting $310,000 as of December 2020, to $5.2 million in the first 5 months of 2021.

For this association, the main markets for Colombian medical cannabis were the United States (19%), the United Kingdom (16%), Australia (4%), Brazil and Israel (3%), Switzerland (2%), the Czech Republic and Germany (1%), and Uruguay and Peru.

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Finally, it was noted that Colombia has one of the most relevant free trade zone regimes in the region due to its tax and foreign trade benefits, as well as its geostrategic position, which guarantees a series of competitive advantages for companies in this sector.

The Colombian Association of Cannabis Industries, Asocolcanna, indicated that the potential of this market is great since the country went from exporting $310,000 as of December 2020, to $5.2 million in the first 5 months of 2021.

“Colombian medical cannabis could achieve great global recognition”: Avicanna

Recently, the Canadian company Avicanna estimated that it could increase, in a scenario of high demand, up to 70% its annual exports and reach 400 employees in Latin America.

After exporting for the first time to Brazil, Austria, and Peru in recent weeks, the Canadian company, which has production in Santa Marta, aims to strengthen its exports from Colombia in the coming months.

According to Lucas Nosiglia, Avicanna’s president for Latin America, “Colombia has a very important competitive advantage that is allowing it to capitalize on the growing cannabis industry. Thanks to the approaches we have been able to make through ProColombia, we have opened up to new markets; every day we are getting closer to making cannabis a country seal, in the same way as it is happening with coffee today”.

Regarding plans for exports from Colombia, Nosiglia explained that “our projections are that by 2022 we will reach 20 export destinations. In blocks such as Europe and Latin America, we foresee a highly dynamic demand, which will gradually move towards Oceania and Asia.”

The executive pointed out that the idea is to double international sales next year and then to grow steadily at a rate of 25%. Of course, this also includes an increase in jobs, which currently stands at 130 employees, Nosiglia said.

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Between January and May 2021, Colombia’s medical cannabis exports total US$2.2 million, with an increase of 0.6% compared to the same period in 2020, having the United Kingdom, Australia, the United States and Israel as the main buyers, according to DANE figures with analysis by ProColombia.

Destinations such as Brazil, Switzerland, and the Czech Republic also stand out. In 2020, these international sales exceeded US$5 million.

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(Featured image by bergslay via Pixabay)

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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.

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Anthony Donaghue writes about science and technology. Keeping abreast of the latest tech developments in various sectors, he has a keen interest on startups, especially inside and outside of Silicon Valley. From time to time, he also covers agritech and biotech, as well as consumer electronics, IT, AI, and fintech, among others. He has also written about IPOs, cannabis, and investing.