Medical cannabis investments are starting to change Colombia’s economy for the better

Colombia is starting to see the first results of its heavy investment in the cannabis sector and medical cannabis has become a key factor in boosting the health system of the Latin American country. Furthermore, the Colombian government has made important deals and given authorizations to a variety of companies that would expand the variety of cannabis products that can be sold in stores.

About five years ago, when Colombia was starting to get onto the investment radar of the main international medical cannabis firms, the analysis of the potential of the sector for local economic dynamism was extensive: higher tax collection, development of rural areas, modernization of industry, diversification of the export matrix and an increase in job creation.

Today, half a decade later, as the capacity of the cannabis sector is starting to materialize, it should, given the challenges posed by the pandemic in the country, be consolidated as an essential sector so that the nation can recover its growth path in the medium term, especially in light of the great investments and regulatory efforts made by the public and private sectors.

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Medical cannabis is the first step in strengthening Colombia’s medical system

Medical cannabis represents a solid way to strengthen the health systems that Colombia currently has, which are in still in need of much attention. Incorporating cannabis-based products into the range of medical treatments should be considered as a good first step to providing new alternatives to patients, reducing the cost of accessing medicines, and strengthening the scientific cannabis research processes in the country.

The current situation not only constitutes a framework to help the sectors most affected by the coronavirus pandemic, which has devastated the economy of many countries around the world, but it is also a great opportunity to finish giving that final boost to the lines that, for years, have made great efforts to consolidate.

In this sense, although it is true that it is still necessary to sensitize medical personnel and develop pedagogical efforts with patients to socialize the benefits of medical cannabis, the truth is that the magisterial formulations – sale of pharmaceutical products based on cannabinoids, under medical prescription – have started to make their way into the country.

Ivima and Avicanna deal would let patients access a variety of products

One of the major steps that the Colombian cannabis industry has taken in the right direction is the recent authorization that Invima granted Avicanna for the assembly and sale of master pharmacies in the local market. 

With this permission, which represents the first time in Colombia that a major pharmaceutical will be dedicated exclusively to cannabis, patients will be able to access: a direct accompaniment; treatments with high consistency drugs; having raw materials from the same company that markets the product; shorter response times and lower risks in the drug, and; not being exposed to other components in the laboratory.

Thus, thinking about the medical cannabis industry should not only be to measure the socioeconomic contribution that it can have for the Nation, but also to understand that the benefit is transformational for society. The main beneficiary is the country that promotes it, as it brings with it a virtuous circle that has the patient as the protagonist and the production chain as its main ally.

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(Featured image by Sharon McCutcheon via Unsplash)

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First published in Agronegocios, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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