In 2015, Juan Manuel Santos passed a law that legalized the cultivation and sale of medical marijuana. The laws allow commercial cultivation, processing, and exporting of various medical marijuana products like cream and oil. The Latin American country now joins other Latin American countries, like Uruguay, who are optimistic about legalizing medical marijuana and how it will put a dent on mainstream drug trafficking businesses in their countries. For decades, Colombia has been historically known for some of the most notorious and dangerous global drug cartels. Colombia and Uruguay are finally trying to make a change.
The legalization of medical marijuana in Colombia has quickly gained a lot of global attention. Most recently it was highlighted in an article featured in the NYTimes, discussing how the medical marijuana industry can lift a whole economy through creating legal job opportunities for companies in the space. In the article, the Colombian Health Ministers state, “ We think that Colombia can build a successful international business around the exportation of medical marijuana.” He added, “The country is ready to participate in this emerging global market.”
Due to the ongoing battle between state and federal marijuana regulations in the U.S., the federal government currently bans the import of any marijuana products. Colombia seems to present a competitive advantage over companies that are operating in the U.S.
“Unlike the U.S., Colombia’s government is committed to see the medical marijuana industry and hemp industry grow, as the only unrestricted legal producer of both in the West, I believe Colombia is well positioned to become a leader. Our growth cycles and cost of production are ideal and can’t be economically replicated in North America,” states John Campo, CEO and President of New Colombia Resources, Inc. New Colombia currently holds a joint venture with Sannabis SAS, a Colombian company that produces and sells medical marijuana products.
“Our research centers will be ideal for companies in the U.S. and Canada to investigate both medical and industrial applications without the fear of the big bad wolf blowing the house down,” Campo added.
With the presidential elections going on, along with the DEA coming to a decision on whether to re-schedule marijuana from Schedule-I to Schedule-II, the United States’ growth in the marijuana industry remains unknown. This could potentially present Colombia as an attractive opportunity for investors and companies in the industry. Just to put it in perspective, Marijuana pioneer, California, for example, brings in $1Billion-plus annually in medical marijuana sales. On top of the financial opportunity, this emerging market could also aid in battling drug trafficking in Colombia, building up their economy through a multi-billion dollar global trade industry.
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