Colombia has been a major exporter of cannabis for many decades, albeit in an illegal fashion. Even though this country is more commonly associated with the illicit cocaine industry, the reality is that it has also long been home to a vibrant, legal cannabis cultivation community.
Colombia has regulated the use of medicinal cannabis derivatives and, although it has not yet started exporting this product on a large scale, it is estimated that by 2025 medicinal cannabis could bring large revenues to the country (roughly $791 million growing to $2.744 Billion by 2030).
Research by Fedesarrollo revealed that the potential exporter, counting only the 56 hectares that are now cultivated, would in a short time exceed that of cocoa. Colombia’s cocoa exports in 2018 generated $108.4 million, and the 56 hectares of cannabis today are estimated to generate $144.1 million in exports.
Nowadays, this business generates 16 formal jobs per hectare of production, almost the same amount as the flower industry. These figures are not the only surprising facts; The International Narcotics Control board increased Colombia’s authorised quota of medicinal cannabis from 1-2 to 14 tons in 2019, showing once again, the industry’s large impact and most importantly potential.
There is strong interest in developing cannabis crops within the legal framework. This new industry is creating market opportunities and promoting employment with equality. Colombia has an opportunity to become the “world champion” of medical cannabis cultivation, and the manufacturer of its derivatives.
The development opportunities the medicinal cannabis industry will bring to Colombia are countless. Colombia may very well become the top cannabis exporting nation on the planet.
What’s Causing the Medicinal Cannabis Boom in Colombia?
Colombia’s equatorial climate is the greatest advantage the country has when it comes to growing cannabis. Additionally, land and labor costs are cheap. Hence, Colombia is an attractive choice for North American cannabis companies that wish to expand.
Colombia can produce cannabis derivatives at lower prices than competing nations due to its affordable land, relatively low wages and an abundance of skilled farm hands who cut their teeth in Colombia’s booming flower business. Major Colombian companies have already spent millions of dollars on building medical marijuana facilities in preparation to compete in this vibrant new industry.
Cannabis farming is really good business, it’s likely to get better since hemp was removed from the Controlled Substances Act in 2018, clearing the way for Cannabis companies to grow more hemp indoors, in greenhouses, and on farms throughout America.