BOGOTA, July 23 (Reuters) – Colombia on Friday gave the eco-friendly light-weight for exports of dried hashish for healthcare and other industries, as the Andean country took one more phase to create its cannabis market, where by development has been gradual even with large opportunity.
President Ivan Duque signed a decree lifting a prohibition on exporting dried cannabis flower, a shift found as very important by investors.
The directive also enables for the growth of sales of cannabis-based mostly medicines and streamlines regulatory treatments.
When Colombia has been hailed as a pioneer in regulating the possession, manufacturing, distribution, commercialization and export of seeds, plants and substances derived from hashish – like oils, creams and extracts for medicinal reasons – investors have extensive complained about what they say is a tortuous export-approval process.
“This usually means Colombia can enter to engage in a large part in the worldwide market,” Duque reported soon after signing the decree, adding the new regulations would make it possible for Colombia’s hashish sector to expand into foodstuff and beverages, cosmetics and other sectors.
Latin American hashish exports could be worth $6 billion, Duque claimed.
“Lifting the prohibition on exporting the dry flower will start a regulatory procedure which we hope will be done in fantastic detail, to the highest worldwide specifications,” Juan Diego Alvarez, vice president of regulatory difficulties for hashish producer Khiron, explained to Reuters.
Colombian cannabis marketplace affiliation Asocolcanna urged the country to seize the option to make the most of its competitive positive aspects.
“It can be vital for Colombia to obtain its potential at a time when the global cannabis market is getting refined,” Asocolcanna stated in a letter released on its website.
In nations where the medicinal cannabis market has extra experienced regulation, like the United States, the United Kingdom, Germany and Israel, dried cannabis is the most produced sector of the sector, accounting for much more than 50% of all profits.
Reporting by Nelson Bocanegra in Bogota
Producing by Oliver Griffin
Editing by Matthew Lewis
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