As of February 15, the agreement in which medicinal, cosmetic and industrial use of cannabis in Bogotá came into effect. This agreement, initially proposed by Councilman Juan Baena and signed by Mayor Claudia López, will increase the potential of the region for the development of the cannabis industry, as it establishes guidelines on awareness, promotion and its use.

This legislation will reduce the stigma that the medicinal cannabis industry faces in Colombia, which has slowed down its economic development. Thanks to this new project,  farmers and entrepreneurs will now have easier access to the banking system and facilitate its commercialization. The Ministry of Economic Development will be in charge of the actions that promote the link and communication of micro and SMEs from the Bogotá region among its farmers.

Although the awareness of the public towards medicinal use is advancing, encouraging and promoting research for scientific purposes is expected in order to know in depth the properties of cannabis in other areas that allow its commercialization.

Furthermore, President Iván Duque informed on February 20 that resolution 227 of 2022, regulated under Decree 811 of 2021, in regards to licenses, quotas and authorizations for secure and informed access of the use of this plant, its derivatives and products was issued. The resolution allows, defines and establishes all mechanisms and procedures for the industrial use of the cannabis plant in sectors such as food, beverages and dietary supplements with the non-psychoactive component.

It is worth mentioning that Colombia is one of the most suitable countries for the cultivation of the plant, and according to the Councilman declarations, the project is fundamental in the economic projection, it could generate income of up to 3 billion Colombian pesos and more than 50 thousand jobs by 2030.