Cannabis companies are rushing to set up operations in Colombia, looking to gain a foothold in one of Latin America’s most notorious drug centers as governments across the world embrace the burgeoning legal marijuana industry.
Growers, many with financial backing of firms from Canada and the U.S., estimate as much as $500 million has been invested to buy farm land, build greenhouses and set up labs to produce oils, creams and other products that contain cannabidiol, or CBD, an extract used to treat everything from chronic pain to insomnia. So far, none are growing marijuana rich in THC, the substance that makes smokers high.
Embracing the industry may seem surprising for a country that has long been embarrassed about its status as the world’s largest cocaine producer and struggled to escape its reputation as a violent narco state that gave rise to the likes of Pablo Escobar. But with the global cannabis market estimated to be worth more than $50 billion by 2025, Colombia has sought to become a center of production for exports to countries around the world that are legalizing its use. Domestic laws permit small quantities of pot for personal consumption, but the country hasn’t put in place final regulations for medical use.
“When you mention Colombia, unfortunately, some people relate that name with illegal drugs,” said Julian Wilches, a former director of drug policy in the Justice Ministry who co-founded the medical cannabis company Clever Leaves, which began operating in 2016. “We have an opportunity here to take a controlled substance and change that reputation, to bring health to people and development to our country.”
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