Colombia Authorizes Exports of Dried Cannabis Flower for Medicine

Cannabtimes

<![CDATA[In a long-awaited announcement, Colombia authorized exports of dried cannabis flower for medical purposes. For businesses in the country, it’s a move that increases the growth potential of the nascent cannabis industry.Colombia had approved a regulatory framework in July 2016 governing the production, distribution, sale and export of seeds—as well as products like creams and other derivatives based on cannabis—but had prohibited the export of dried cannabis flower, fearing that such a move would allow diversion of legal cannabis products into the illicit marketplace. The new decree, 811, issued July 23, modifies an earlier law that regulated the commercialization of medical cannabis, Justice Minister Wilson Ruiz said.The new decree also allows manufacturers to produce goods such as oils, extracts,  textiles or food containing “non-psychoactive cannabis”—so long as they are limited to biomass containing less than 1% of THC. (Colombia does not make distinctions between “cannabis” and “hemp,” as in other countries, but rather uses the “psychoactive” nomenclature at the 1% THC content threshold.).Colombia President Ivan Duque signed a decree ending "the ban on the export of dried flower" in an event organized at a facility owned by Clever Leaves, one of the 18 multinationals that grows medicinal cannabis in Colombia. "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," he said, noting that the country is no longer only working in a pharmaceutical market. “We are opening the space to do much more in cosmetics … [including] food and beverages and even textiles,” the president said. Duque’s office estimates that the global market for medicinal and industrial cannabis may be worth US$62 billion by 2024. National and international companies have invested US$250mn in Colombia to develop this industry.Colombia, one of…

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Source : Colombia Authorizes Exports of Dried Cannabis Flower for Medicine

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