Colombia has been building up the medical cannabis industry since 2016. The land of coffee has been continuously implementing new policies around this plant and now there is no denying that Colombia is at the forefront. March presidential elections are just around the corner and the national government is showing off every accomplishment regarding a market that has the potential to lift the economy by boosting the agricultural industry and creating more jobs in this sector.
Colombia Authorises Industrial Use of Cannabis in Food, Drinks, and Textiles
In 2021, Decree No. 811 was issued, which did not only set out the guidelines and mechanisms for dry flower exports, but also laid down the permitted industrial applications for said product—achievements that were only matched by some North American countries. In a speech on February 20th—a year after this decree was adopted—the president of Colombia, together with the ministers of Health and Justice and the vice-minister of Agriculture and Rural Development, gave an insight into the process that led to the passage of Resolution 227/2022, which allows, defines, and establishes all mechanisms and procedures for the industrial use of cannabis in products such as food, beverages and also textiles. Still, this measure only considers the non-psychoactive compound of the plant.
Medical Cannabis in Colombia
Today, Colombia stands next to big players such as Canada, leading the way in regulation of medical cannabis and—of course—its derived products with industrial use. Apart from this, the country will become a pioneer in Latin America as soon as trade tariffs and quotas are set in the course of one month.
The president’s message means a huge leap forward for Colombia, placing the country not only at the forefront of regulatory developments in Latin America and the Caribbean, but also as a top player in terms of food and industrial applications of the cannabis plant. From now on, non-psychoactive compounds of cannabis will be authorised for use in alcoholic and non-alcoholic drinks, food, and textiles, supplying a wide range of new products both at home and abroad.
Ivan Duque also underlined the accomplishments of a loan programme for cannabis SMEs. These loans, granted by Banco Agrario, are opening up the possibilities to obtain funding, and the president also added there are plans for improvement concerning foreign currency payments, sales, and monetisation in Colombia.
There is every indication that the Colombian cannabis industry and its dynamic enterprises are set to bloom. In this new stage, medical cannabis enjoys an internationally privileged position in the market. On a similar note, Health Minister Fernando Ruiz Gómez highlighted the development of dietary supplements in connection with nutritional aid programmes in the country.