The Colombian cannabis market flourished even during the pandemic

Colombia’s cannabis market is still on track to become one of the most prominent in all South America, attracting investors from all over the world who see the endless possibilities of investing in cannabis. Even if the coronavirus pandemic has caused havoc all over the world, this has not stopped the growth rate of the cannabis industry in Colombia, and experts believe it will actually speed it up.

Medical cannabis has become very popular for the treatment of diseases such as epilepsy, parkinson’s, chronic pain or anxiety, which is why the industry has become increasingly strong and attractive both in the national and international markets.

In Colombia, as explained by the president of Asocolcanna, Rodrigo Arcila Gómez, the massive exit from the industry has taken more time than was budgeted.

“Haste is not a good companion, it is more the security of each step that is advanced. The companies that manage to configure their processes well covered by high-quality standards will be the ones that will come out ahead,” Arcila added.

The president of the organization commented that there are already several companies with samples in the foreign market such as Pharmacielo, Nusierra, Clever Leaves, and Avicanna.

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Foreign companies are interested in the Colombian cannabis market

In addition, some companies such as Khiron or Clínica Zerenia agreed that the demand for medical cannabis has not stopped despite the pandemic, in their case, driven by medical formulas of finished products and treatments. The two companies said that, with the precise quality, the industry will be key in the national economy.

The president of Avicanna Latam, Lucas Nosiglia, spoke about the arrival in international markets, and explained that the export exercise is still conditioned to regulatory times.

“If Colombia could adapt supervision for the products to be exported, which is parallel to that of the products of internal commercialization, the times would be reduced substantially and the country could consolidate itself as a true reference,” said Nosiglia.

Fedesarrollo sees the industry as a potential generator of income and employment for Colombia. According to the latest report of the entity, it is expected that by 2030, $1.53 million and more than 41,748 jobs will be generated.

Three cannabis companies showed the most relevance during the past months

Khiron bets on medical cannabis prescriptions 

For Álvaro Torres, co-founder, and CEO of Khiron Life Sciences, 2020 will be a historic year for the industry. Since March, patients have at their disposal, under medical prescription, the first legal medical cannabis product in the country. “Khiron achieved the first 1,500 prescriptions for medical cannabis magisterial formulas with concentrations of both CBD and THC,” Torres said. The company will also enter the cannabis market in Peru soon.

Avicanna gives an X-ray of the national regulation 

Avicanna made the first export of hemp seeds from Colombia and for its president, Lucas Nosiglia, it represented an opening to a new market. However, Nosiglia explained that the country’s real challenge is marketing and pointed out that despite the efforts “there is still no competitive regulation that allows exporting and consolidating the country’s offer in the international showcase.” The company will venture into finished products.

Zerenia Clinic extends to “telemedicine”

The director of the Zerenia Clinic, Rayet Harb, confirmed that the demand for medical cannabis treatments has grown during 2020, especially with legal formulations. Faced with its operation and growth, the Clinic launched the telemedicine product called “Doctor Zerenia” with which it hopes to expand in more regions and “become the most advanced virtual medical cannabis-based therapy clinic in the country,” added Harb.

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