Officials hope the move will put a dent in Colombia’s drug trafficking business by creating a legal opportunity in an industry historically controlled by the black market. The authorities believe the new law will also help attract investment and give the economy a lift, though it will take several years before the returns on the investments become clear.
“It’s health; it’s science; it’s the opportunity to redeem the name of the country,” said Mr. Cock-Correa, who heads the Colombian arm of PharmaCielo, one company looking to capitalize on the new rules. “It’s a shift from producing the plant that kills to producing the plant that cures.”
Businesses in Colombia like PharmaCielo believe they can establish a foothold in the drug industry, just as their illegal counterparts did in past years. In the United States, the marijuana industry remains bogged down in clashes between local and federal regulation. Though some states have legalized the drug in recent years, the federal government currently bars the import of any marijuana products.
“We think that Colombia can build a successful international business around the exportation of medical marijuana,” Alejandro Gaviria, Colombia’s health minister, said in an email. “The country is ready to participate in this emerging global market.”
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