Colombian President Approves Cannabis Industry Regulation Measure

Colombia’s President Ivan Duque approved a measure to regulate medical cannabis and industrial hemp products in the country.

Full story after the jump.

Colombian President Ivan Duque on Sunday approved a measure to regulate medical cannabis products in food and beverages, allow for industrial hemp, and allow exports of dried cannabis, Then24 reports. The government’s Resolution 27 of 2022 regulates the decree approved last year in connection with the licenses, quotas, and authorizations for medical access to cannabis use, including cannabis derivatives and hemp products.

“This resolution allows, defines and establishes all the mechanisms and procedures for the industrial use of cannabis in sectors such as food, beverages and also textile uses, defining, of course, that these uses have to do with the non-psychoactive component. … [Colombia] is at the forefront of the regulation of the use of medical cannabis in Latin America and the Caribbean and, of course, its derivations from industrial uses.” – Duque via Then24

Bill Petron, CEO of PharmaCielo – the Canadian parent company PharmaCielo Colombia Holdings S.A.S which cultivates and produces dried flower and medical-grade cannabis extracts in Colombia, described the development as “historic” for the Colombian cannabis industry. He explained that it will “open the large and growing global dried flower market as well as multiple CBD-based opportunities to Colombia producers.”

“The Colombian government has consistently demonstrated its desire to build this industry into a global leader, and in our opinion, the announcement today makes Colombia the most export-friendly and competitive jurisdiction in the world,” Petron said in a statement. “Dried flower accounts for up to 50% market share in most mature cannabis markets globally, and represents a massive opportunity both for the Colombian industry, and PharmaCielo.”

Minister of Health Fernando Ruiz called the legislation “very important” to guarantee “good manufacturing practices” and told Then24 that the door is opened to “produce dietary supplements,” among other products.

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