Colombian President Ivan Duque Marquez has signed a new law that significantly expands the amount of dry cannabis flower (flower, stems, and roots) that can be exported from the country, and allows for cannabis to be put into food and beverages.
Colombia will allow the entry of dried flower, seeds, grain, plants, plant components, and derivatives to free zones, so that companies can carry out processing, marijuana packaging, and repackaging activities at lower prices, taking into account the tax benefits of these zones.
Previously, Decree 811 increased the number of pharmacies eligible to carry and dispense medical cannabis products to grow from only a handful to a network of more than 14,000 pharmacies nationwide. This current legislative update, Colombian Decree 613, has given Colombian cultivators like Flora Growth immediate access to a massive segment of the market that was previously inaccessible.
“The passage of this legislation greatly immediately accelerates our strategic vision of bringing our cannabis products to international markets,” said Jason Warnock, Chief Revenue Officer of Flora. “Another added benefit…we can now process the entire plant whereas before Colombian processors had to destroy upwards of 60% of the biomass.”
Alvaro Torres, CEO of Khiron Khiron Life Sciences Corp. said, “Colombia has been a regional leader in medical cannabis laws since 2015 and this new Decree strengthens the Government´s commitment to creating a robust and competitive industry…the new regulation expands the country’s growth potential across various product categories in Colombia and through the export of dried flower.”
It’s expected that allowing the dispensing of cannabis-based medical preparations in drugstores will better facilitate patient access to these treatments. Cannabis-related developments in the food market are under the strict standards of Invima and other entities. The advertising prohibition has been lifted.
The new law is expected to yield great returns worldwide and boost the Colombian economy.