As Colombia mulls more than complete legalization, its health-related cannabis market continues to barrel forward. According to ABS-CBN News, Colombian officials estimate that the country’s health-related marijuana sales could be worth $six billion – emphasis on “could.”
Due to the fact whilst the prospective is there, the country’s regulatory framework – even though justifiable like any regulated market place – represents a large bottleneck that may possibly stifle the industry’s prospective.
This trouble caught the focus of investors, who may possibly shed interest if the country’s cannabis market can’t reside up to its maximum income prospective.
A Big Money Crop
Nations like Canada and the U.S. see financial possibilities in legal marijuana, but the Colombian market has the prospective to be a top commodity:
“Colombia could export $six billion a year in medicinal cannabis merchandise, creating marijuana its third-biggest supply of foreign exchange, the government mentioned on Thursday, as investors known as for easier regulations for marijuana producers.”
If Colombia is productive in legalizing recreational cannabis, this would only add its prospective income. It is not unrealistic to theorize that the drug will have a substantial optimistic effect on the country’s economy.
One particular widespread ailment legal marijuana industries appear to share is the endless bureaucracy and proverbial hoops that retailers and licensed producers have to jump by way of every single day.
We saw in Canada how regulations can seriously slow down production and distribution. Colombia is no exception and faces an equal – if not worse – regulatory obstacle.
“Colombian law currently regulates the possession, production, distribution, sale and export of seeds and other marijuana merchandise like oils and creams, but investors say the export approval procedure is tortuous.”
This is clearly apparent by how lengthy it took to start issuing export licenses. In spite of health-related marijuana becoming legalized in 2016, only in the final month did the 1st exports of CBD isolate attain foreign shores.
Compliance Requirements an Problem
Remaining compliant is crucial, but Colombia’s apparent overregulation threatens to leave them lagging behind other nations in the budding international cannabis market.
Gustavo Escobar of Clever Leaves (a joint venture amongst Canada and Colombia) says:
“More forceful action in regulatory terms is necessary so we do not shed the momentum that we have been developing with. We’re lacking some adjustments that would let us to attend to markets as speedily as feasible, just before other nations get ahead of us.”
With Canada and the U.S. wrestling for 1st location and Mexico nicely underway to establishing its personal market, Colombia can’t afford to shed any ground.
WeedAdvisor’s Colombian Presence
WeedAdvisor is proud to operate with our Colombian customers, in particular thinking of that marijuana reform has broadened – and will probably continue to do so.
Cannabis provides possibilities to every single nation, but Colombia arguably stands to get the most from becoming a crucial player.
As a new market emerges and develops, we appear forward to functioning with future and current firms, as nicely as government, to give an substantial list of options meant to help functions like complains, inventory tracking, security, documentation, reporting and extra.