Colombia’s recently elected president, Gustavo Petro wants the country to become a leader in the legal cannabis industry.
In 2021, Colombia exported $1.5 billion in cut flowers globally, making it one of the largest global exporters of cannabis in the world. Now, the country’s newly elected president is expected to revise the country’s cannabis laws following his victory in Sunday’s presidential runoff election.
Making history as Colombia’s first leftist head of state, Petro has vowed to end the “war on drugs” with his liberal approach to drug laws. The ex-guerilla-turned-politician has been a vocal proponent of the legalisation of cannabis and intends to legalise the consumption of the drug during his time in office.
Prior to his election win, Gustavo Petro was quoted stating: “The possibility of exportation of marijuana for recreational and medicinal purposes is the right of the Colombian people. It would be a historical paradox that after the war on drugs is over, other countries get to benefit from a business that will bring billions of dollars of economic benefit.”
Cannabis for personal use is currently decriminalised in Colombia while medical cannabis was legalised in 2015.
President-Elect Petro is currently a sitting member of the Colombian Senate and served as Mayor of Bogotá, the Capital of Colombia. It is his third time running for president.
Petro’s main opponent in the presidential race was Rodolfo Hernández, a right-wing businessman who has drawn comparisons with Donald Trump for his outspoken campaigning and conservative political views.
While Petro has been praised for his approach to social equality, he has faced criticism for his senior role in the M-19 guerilla faction which has been accused of crimes against humanity over the last decade.
Earlier this week, Spain’s National Court announced that a complaint had been filed against Petro for his alleged role in the kidnap of journalist Fernando Gonzalez Pacheco in 1981, The Telegraph reported earlier this week.
While Petro is not without his critics, the cannabis industry in Colombia is likely to benefit from Petro’s plans for drug policy reform.
Flora Growth Corp, a cultivator, manufacturer and distributor of cannabis products headquartered in Bogotá, voiced its support for Gustavo Petro and the Humane Colombia Party.
“We would like to congratulate President-Elect Gustavo Petro on his victory and we look forward to working with the new government to continue Colombia’s progressive momentum in the global cannabis industry,” said Luis Merchan, Flora’s Chairman and CEO.
“We are encouraged by President-Elect Petro’s stance on seeing Colombia become a leader in the legal cannabis industry and we are hopeful for progressive legislation that will allow Colombia to create a safe environment for cannabis consumption domestically – potentially leading to a recreational market in the country – while also proving Colombia has all the environmental and labour conditions necessary to be a global cannabis powerhouse.”
Flora Growth operates a 249-acre cannabis cultivation, extraction and isolation facility in Bucaramanga, Colombia and a GMP-certified processing facility for beauty, phytotherapeutic and nutraceutical products in Bogotá.
“While approximately 90% of Flora’s forecasted revenue is expected to be derived outside of Colombia, we see Colombia as particularly well suited both for production of high-quality, cost-advantaged cannabis and the manufacturing of cannabinoid-derived medical formulations that can be sold domestically and internationally,” said Jason Warnock, Chief Commercial Officer at Flora Growth.
