This archive report was first published on 24 July 2021.
On July 23, 2021, Colombian President Ivan Duque signed a decree allowing the export of dried cannabis flowers, a move that positions the country as a major player in the global cannabis market.
The decision was made after a letter from the cannabis cultivation company Canamonte, which argued that a rule against exportation of the flowers prevented growers from accessing the largest and most profitable market segment of the medical cannabis industry.
According to Duque, flowers may represent 53 percent of the medical cannabis market worldwide, and the new authorization also allows for the manufacture of non-psychoactive derivatives from the plant.
Colombia, the world's top producer of cocaine, legalized the production of medical marijuana in 2016. However, until now, it was only allowed to export extracts of the plant, not its flowers.
Authorities had feared that exportation of the flowers would allow them to be diverted to the illegal side of the trade. However, the new rule also helps control the informal market for fraudulent products based on marijuana.
Colombia's move is part of a growing trend in the region, with other countries such as Uruguay, Ecuador, and Peru having also legalized the production of marijuana for medicinal purposes.
The government estimates that by 2024, the medical cannabis business could become a $64 billion industry.
