This week Colombia’s president signed a decree that legalizes the growing and sale of medical cannabis.
While medical cannabis has been legal in Colombia since 1986, the action by Juan Manuel Santos establishes a regulatory regime for the cultivation and distribution of cannabis. President Santos’ action will create a new legal industry for the country, one that could generate hundreds of millions of revenues.
The Associated Press has reported that up to 400,000 patients could register to use medical cannabis.
Under the new regulations, cannabis cultivators are required to obtain licenses from Colombia’s National Narcotics Council. Entrepreneurs interested in manufacturing cannabis-based medicine will be required to obtain licenses from the country’s health ministry. The health ministry also will regulate the export of medical cannabis to countries where it can legally be imported.