Colombia is a great place to build a cannabis company right now.
Industry sources put the country’s potential market at three to six million patients. (Colombia has a total population of 49 million.)
Recently, Colombia has:
Legalized medical cannabis.
Legalized cannabis for recreational use.
Decriminalizing possession of up to 22 grams of dry flower and personal cultivation of up to 20 plants.
Approved the commercial cultivation, processing, and exporting of medical cannabis products such as oils and creams—no flower, though.
Become one of the rare countries to allow its businesses to ship cannabis abroad.
That last point promises to make Colombia into a significant player in the international cannabis market. Government ministries are working to create a set of laws that allow businesses to research, cultivate, and extract products from medical cannabis.
That kind of innovation combined with comprehensive regulations and the perfect climate and conditions to grow cannabis—equatorial sun and tropical rain—, gives Colombia an incredible opportunity to capitalize on the booming global cannabis market.
One of the most significant challenges Colombian producers face are stigmas left behind by the country’s illicit drug past, no thanks to people like the notorious Pablo Escobar. The drug kingpin built a cartel empire in the 1980s that produced 80 percent of the cocaine supplied to the U.S.
Since then, Colombia has had a hard time living down its reputation with the drug trade. So, instead of living it down, why not just shift the conversation?
Goodbye cocaine, hello medicinal marijuana!
Experts, including a dozen companies that make up the Colombian Association of Cannabis Industries, suggest that Colombia could supply 45 percent of the global demand by next year.