Colombian President Ivan Duque signed a decree on July 23, lifting a prohibition on exporting dried cannabis flower—and investors abroad are taking notice.
“Colombia starts to play big, and with this decree we are putting ourselves at the forefront in terms of regulatory competitiveness, at least in Latin America and the Caribbean,” Duque said, acknowledging a move past the pharmaceutical market. “We are opening the space to do much more in cosmetics … [including] food and beverages and even textiles.”
Colombia had approved legislation in 2016 that regulates the production, distribution, sale and export of seeds, topicals and other cannabis products, but had prohibited the export of dried cannabis flower up until now, fearing that such a move would allow for the flow of legal cannabis products into the black market.
Decree 811 of 2021 modifies an earlier law that regulated the commercialization of medical cannabis, Justice Minister Wilson Ruiz said. The new law allows manufacturers to produce oils, extracts, textiles or food containing non-psychoactive cannabis—the country’s relative equivalent to hemp—as long as products have a biomass containing less than one percent of THC.
International Companies Get Involved with Colombia Cannabis Reform
Since Colombia’s medical cannabis market isn’t quite developed yet, most of the medical