Columbia could supply 44 percent of world’s marijuana demand, Andres Lopez, the director of the country’s National Drug Fund said.
Lopez said Colombia, known for having one of the greatest climate and soil conditions to grow cannabis, could be one of the largest global export leaders to supply the world’s ever so growing marijuana demand especially the momentum to legalize medical cannabis is continuing worldwide.
Last year, Uruguay became the first country to legalize recreational marijuana. Also, the Canadian Senate on Tuesday passed a bill that will make the country the first in the G7 and the second to legalize recreational cannabis.
In addition, Colombia is continuing to further frame its medical marijuana market to fully supply the growing marijuana demand.
In 2016, Colombia’s Congress voted to legalize marijuana for medicinal and scientific purposes, and a year after the country passed a legislation to provide a framework for commercial medical cannabis cultivation. In December 2017, Colombia saw at least six companies surpassing the licensing processing and planting their first seedlings. Interestingly enough, of these six, three companies are headquartered in Toronto — though they were born in Colombia.
To be better prepared for medical marijuana exports, the Colombian Association of Cannabis Industries was also formed in late 2017.
On top of that, Colombia has recently approved a law to promote the use of cannabis-based medication.
With a population of almost 49 million, the demand in Colombia should fuel even more growth, as more than 2.2 million people suffer from chronic pain. Another 475,000 suffer from post-traumatic stress disorder (PTSD). More than 520,000 deal with insomnia.
Lower production costs
If compared to Canada, Colombia enjoys lower cannabis production costs.
Rodrigo Gomez, president of the Cannabis Industry Association, as quoted by Ozy.com said the coming year will be a “period of consolidation” for Colombian cannabis companies.
“Growers and refiners, he adds, will begin testing products and honing in on a marketable portfolio. Investment is coming to Colombia because of the quality of the terrain.”[share-btn]