Colombian government approves domestic marketing of non-psychoactive cannabis products

The Colombian government has issued Resolution 227 of 2022, legislation formally authorizing the use of dried cannabis (marijuana) flower and fiber in non-medical food, beverage and household textile products, provided that these products do not contain the psychoactive component of the plant, THC or tetrahydrocannabinol.

This legislation takes the next step, building on last year’s Executive Order 811 creating a licensing regime and legalizing the export of commercial marijuana, after authorizing its use for scientific and medical purposes in 2016 with Law 1787. .

Signed on February 20, the new law allows the domestic production and marketing of non-psychoactive cannabis products and more precisely defines import and export rules.

“This resolution allows, defines and establishes all the mechanisms and procedures for the industrial use of the cannabis plant in sectors such as food, beverages, alcoholic beverages and food supplements, defining, of course, that these uses have to do with the non-psychoactive component,” said Colombian President Ivan Duque.

“There has already been progress in credits for small and medium producers. These credits continue to be developed through the Agrarian Bank, where cannabis producers also receive all exchange management, monetization and marketing questions from Colombia,” the president continued.

Colombian Health Minister Fernando Ruiz Gómez added that regulation is important for the safe development of the legal cannabis industry, including oversight by Colombia’s food and drug regulatory agency. INVIMA (Instituto National de Vigilancia de Medicamentos y Alimentos).

“The different sanitary provisions that must be made by INVIMA, with good manufacturing practices and all the labeling and packaging requirements, are fundamental for all the progress of the industry,” said Dr. Gómez.

“This opens the possibility, with the components of the cannabis plant and its non-psychoactive derivatives, of producing food supplements that complement the existing food supplements in Colombia, in order to advance in the whole process of nutritional support and support for people who have dietary supplements”.

The cannabis industry satisfied

Bill Petron, CEO of PharmaCielo (TSXV: PCLO) (OTCQX: PCLOF), a Colombian cannabis producer headquartered in Toronto commented on the news, saying in a statement: “The passage of Regulation 227 is a historic development for the Colombian cannabis industry, opening up the vast and growing global flower market. dried as well as multiple CBD-based opportunities. , to Colombian producers. The Colombian government has always demonstrated its desire to make this industry a world leader and, in our opinion, this announcement makes Colombia the most export-friendly and competitive jurisdiction in the world.

Dried flowers represent up to 50% market share in most mature cannabis markets around the world and represent a huge opportunity for both the Colombian industry and for PharmaCielo. With scalable cultivation and processing capacity in place, a structural cost advantage, and the sophistication to ensure consistently high quality products, PharmaCielo is positioned to capture market share from current international exports from markets like Canada.

The Government’s revised approach to the quota system will ensure both speed to market and greater efficiency throughout the sales process. We expect 2022 to be a very exciting year of growth for PharmaCielo as we launch and expand dried flower exports, providing patients around the world with access to high quality and affordable medical cannabis products.

Photo above: Wilson Ruiz Orejuela, Minister of Justice and Law, and Juan Gonzalo Botero, Deputy Minister of Agricultural Affairs of the Ministry of Agriculture and Rural Development, join President Ivan Duque on the podium and the Minister of Health, Dr. Fernando Ruíz Gómez, announcing the legislation.

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