Colombia’s Growing Potential in Medical Cannabis Exports

Colombia’s medical cannabis export figures from last year indicate growth potential in this market. In 2023, the value reached US$10.8 million, marking a significant increase compared to 2022, according to figures provided by ProColombia, a government agency responsible for promoting nontraditional Colombian trade.

This represents an 11.3% increase over 2022 when exports amounted to $9.7 million, a 96% jump from 2021. These encouraging figures for the cannabis industry coincide with the announcement of the extension of the deadline for the management of psychoactive cannabis in February 2024.

Licensees in Colombia now have a four-year window to manage their harvests until final use. This can include research, export, making products, giving them to others, or even destroying them. This new rule, introduced by the Ministries of Health, Justice, and Agriculture, extends the former two-year limit. The decision was made after those in the industry argued that the original timeframe was too short.

Colombia’s principal cannabis export destinations

The countries to which Colombia mainly exports cannabis have varied in recent years. In 2023, Brazil became the leading destination for Colombia’s medical cannabis products, surpassing Argentina, and accounting for 32% (US$3.4 million) of total cannabis exports. Australia followed as the second-largest importer, making up one-quarter of the exports (US$2.68 million), reflecting a 99% increase over 2022. Germany ranked third, with 14% of the total (US$1.53 million).

In late 2022, Colombia’s government-funded health insurance began covering medical cannabis. This change means the Colombian health system must now offer medications made from the plant for free. The shift followed a ruling by the Constitutional Court, which acted on a lawsuit from two patients. Their Health Promoting Entity (EPS) had denied them access to medicinal oils for fibromyalgia.

Cannabis production includes finished products such as cosmetics, dietary supplements, and plant-based medicines. Companies explain that the medical cannabis market will take longer to develop and believe that only a few companies will remain standing since the market opportunity in many cases does not justify the investments.