EXCLUSIVE: Colombia Could Soon Legalize Adult-Use CannabisCan US Cannabis Operators Take Advantage?

On Wednesday, Colombian Senator, Gustavo Bolivar, filed a bill to legalize adult-use cannabis in the South American country. In 2020, Senator Bolivar tried to legalize the consumption of marijuana but his bill did not have the support of the majority in Congress.

Now, with a new Congress andcannabis-friendly President-elect, Gustavo Petro, Senator Bolvar assured that the new project will be approved.

On July 20 he presented again the Bill that regulates Marijuana for adult use. With our majority, we are going to approve it. We will stop killing ourselves for a plant that in the USA produces 25,000 million dollars/year and improves the health of the consumer,Sen. Bolivar tweeted on July 6, 2022.

A New Chapter In The History Of Colombian Cannabis

The purpose of the new legislation is to create a regulatory framework for the cultivation, production, storage, transformation, marketing, and use of cannabis and its derivatives for adult use.

According to Luis Merchan, Chairman and CEO of Flora Growth Corp. FLGC, the largest cannabis operator in Colombia, there is a social and political momentum building up in the country around the legalization of cannabis for adultuse.

Merchan noted that Petros party, Pacto Historico, now has the majority in Congress. Clearly President Gustavo Petro is the leader of the party and clearly there is a lot of optimism, [this is] a positive momentum towards the legalization of a cannabis use framework for adult use, Merchan told Benzinga.