Colombian Cannabis Company Announces Largest Supply Deal Signed To Date

By Silvia Muñoz, ICCI.

Recent developments in Latin America have brought great attention to different countries entering the cannabis industry in the region, and countries like Colombia, Brazil, and Peru, are excelling on their promises to become key players.

On December 18th, one of Colombia’s leading companies, Medcann Colombia, and Botaniki Lab, a company dedicated to the manufacturing of pharmaceutical products, medicinal chemicals, and botanicals for pharmaceutical use, signed a binding supply agreement – the largest deal signed in Colombia up to date. 

The agreement includes a schedule for the gradual growth of the cultivated area by Medcann, which will exceed 247 acres, for the supply of 600 annual tons of dried flower to Botaniki Lab. Medcann will periodically deliver non-psychoactive cannabis to Botaniki Lab, who shall carry out the extraction and export of derivatives to Europe and Latin America.

See Also: Brazil Regulates Sale Of Medical Marijuana Products

“This agreement will have a great social and economic impact, creating more than 200 sustainable jobs, initially, allowing us to meet our fundamental objectives, which are to achieve a positive and sustainable environmental, social and economic impact in the country,” explained Jon Ruiz, president of Medcann Pharma.

Medcann obtained, in August 2019, the first quota in Colombia for cultivation, processing, and export of psychoactive cannabis, and it is positioned as the only project with its own production capacity of medications and phytotherapeutics.

 “We are proud to be able to reiterate our commitment to medical research and the highest quality processes in Colombia, so that the country continues to bet on the development of the medicinal cannabis industry and take the great international leap,” added Jon Ruiz.

Without a doubt, these are signs of a lot to come from Colombia in the year 2020.

See Also: Uruguay Senate Approves New Bill To Regulate Access To Medical Cannabis

Silvia Muñoz is a cannabis industry insider and Responsible for Government Affairs LATAM in the International Cannabis and Cannabinoids Institute in Czech Republic.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has only been edited for clarity and actionability.