Columbia Loosens Cannabis Regulations

CANNANNEW REPORT

Colombian President Ivan Duque Marquez has signed a new law that would allow a much larger amount of dry flower to be exported from the country, after a high-profile meeting of Colombian cannabis business leaders with US-listed public companies. The new law, a change to Colombian Decree 613, greatly increases the amount of dry cannabis flower (the flower, stems, and roots) that can be exported from the country, and also allows for cannabis to be put into industrial products like food and beverages and for much more extensive marketing of cannabis products in Colombia. “The passage of this legislation greatly immediately accelerates our strategic vision of bringing our cannabis products to international markets as noted by our first international supply agreement out of Cosechemos while we focus expanding our global distribution platform of traditional consumer packaged goods. Now having the ability to export our high-margin, high-quality cannabis flower being produced at Cosechemos, together with a healthy portfolio of premium brands, and a robust pipeline of deals, we will continue to look towards international markets to drive growth and revenue generation,” said Jason Warnock, Chief Revenue Officer of Flora (NASDAQ: FLGC). “Another added benefit of the new regulations is that we can now process the entire plant whereas before Colombian processors had to destroy upwards of 60% of the biomass which we anticipate will further improve on our margins out of Cosechemos.” Columbia Decree Some of the new language is as follows: To encourage the pharmaceutical industry, 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, packaging, and repackaging activities at lower prices, taking into account the tax benefits of these zones. Licenses have been extended from five years to 10 years. The advertising prohibition has…

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Source : Columbia Loosens Cannabis Regulations

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