Industry

Colombia boosts budding hashish marketplace by getting rid of ban on dry flower exports

Hashish plants are seen inside a greenhouse of the Clever Leaves firm in Pesca, Colombia October 2, 2019. Image taken Oct 2, 2019. REUTERS/Luisa Gonzalez

BOGOTA, July 23 (Reuters) – Colombia on Friday gave the eco-friendly gentle for exports of dried hashish for medical and other industries, as the Andean state took yet another step to create its cannabis market, the place development has been sluggish in spite of higher likely.

President Ivan Duque signed a decree lifting a prohibition on exporting dried hashish flower, a shift observed as essential by buyers.

The directive also enables for the growth of sales of hashish-based medicines and streamlines regulatory procedures.

Although Colombia has been hailed as a pioneer in regulating the possession, creation, distribution, commercialization and export of seeds, plants and substances derived from cannabis – like oils, lotions and extracts for medicinal functions – buyers have lengthy complained about what they say is a tortuous export-acceptance course of action.

“This implies Colombia can enter to perform a large part in the global marketplace,” Duque claimed following signing the decree, introducing the new guidelines would allow for Colombia’s hashish industry to grow into meals and drinks, cosmetics and other sectors.

Latin American hashish exports could be worth $6 billion, Duque stated.

“Lifting the prohibition on exporting the dry flower will get started a regulatory process which we hope will be executed in wonderful detail, to the maximum intercontinental standards,” Juan Diego Alvarez, vice president of regulatory challenges for hashish producer Khiron, instructed Reuters.

Colombian hashish sector affiliation Asocolcanna urged the place to seize the prospect to make the most of its competitive advantages.

“It truly is critical for Colombia to accomplish its opportunity at a time when the world cannabis sector is getting refined,” Asocolcanna said in a letter revealed on its web site.

In countries wherever the medicinal cannabis sector has a lot more experienced regulation, like the United States, the United Kingdom, Germany and Israel, dried cannabis is the most formulated sector of the sector, accounting for additional than 50% of all profits.

Reporting by Nelson Bocanegra in Bogota
Composing by Oliver Griffin
Editing by Matthew Lewis

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