Industry experts analyzed the most recent changes in Colombian regulations, as well as the opportunities that the medical and scientific cannabis business offers for companies that want to invest in Bogota and the rest of the country.
Businesses associated with the production and commercialization of cannabis for medical or scientific purposes in Colombia continue to generate interest among international investors. In a recent event led by the investment promotion agency Invest in Bogota, sector experts analyzed the recent changes in the regulations for this industry, as well as the business opportunities that have opened up in this field.
The virtual event also served to present the most recent chapter of the investment guide entitled “How to do business with medical cannabis”, a document developed by Invest in Bogota and the firm Lloreda Camacho & Co. that summarizes the most important regulatory aspects that any company should take into account when developing operations in this sector.
“The growth of the medical and scientific cannabis industry in the world is not only due to the beneficial effects it brings to people’s health, but also demonstrates the potential for socio-economic development for Colombia and Bogota-Region, by involving agriculture, employment generation and the intrinsic progress of research and innovation for the industry, with high export vocation,” said the investment promotion manager of Invest in Bogota, Monica Sanchez.
At the event, which was attended by Ana María Castro, partner of Lloreda Camacho, Juan Carlos Orjuela, associate of Lloreda Camacho, Rodrigo Arcila Gómez, executive president of Asocolcanna, Diego Ruiz, CEO of FCM Global, and José Alejandro Abusaid, founding partner of Abusaid y Gómez Asociados, it was highlighted that, despite its insipience, the medical and scientific cannabis industry has great potential to become a key sector for the country’s economy.
“A relevant change compared to the medical cannabis licenses that are in force today is that now their duration is for a period of 10 years and companies that are licensed for 5 years can extend the validity”, highlighted during the event Juan Carlos Orjuela, associate of Lloreda Camacho, who emphasized that the new regulations applied in the country for this industry seeks to provide greater legal certainty, generating obligations and benefits that allow the consolidation of this sector.
Some of the competitive advantages they highlighted include the existence of free trade agreements with key countries for the export of medical cannabis, Colombia’s climatic conditions, the wide availability of skilled labor at competitive prices, as well as the large extensions of usable land for cultivation.
In addition to presenting the current regulatory regime for medical and scientific cannabis, during the event some of the initiatives carried out by the association for the consolidation of this sector were presented, as well as a series of recommendations focused on foreign investors interested in contributing to this industry in the country.
Details of the Bogota Big Ideas Academy “Medical Cannabis: analysis and application of the current regulatory framework” can be found on Invest in Bogota’s YouTube channel.