Colombia makes the first export of medicinal cannabis to Mexico

By Valora Analitik - 2021-03-09

Colombia sealed the first commercial export of cannabis for medicinal use with THS to Mexico, after a negotiation made by the Pideka company.

What is consolidated as a landmark transaction for medicinal cannabis between the two countries may represent a market of around US $ 20,000 million in the next five years.

"This step opens the door to consolidate ourselves in a market as important as Mexico, to sell medicinal cannabis oil with THC to the public or private sector," said Borja Sanz de Madrid, president of Pideka.

This natural medicine was cultivated in Tocancipá. The bridge between the company and the buyers was made through ProColombia and other government entities that facilitated the connection.

Pideka estimates that in the next two to three years they can export between US $ 80 million and US $ 100 million in medical cannabis with THC to that country. A liter of the product is around US $ 45,000.

From these types of negotiations for the export of medicinal cannabis, Pideka hopes to also expand into Europe, a potential international market for local producers.

Some countries that may represent business opportunities for this product are Germany, Brazil, Spain, the United States, Peru and the United Kingdom.

In recent years the Government worked on the necessary legislation to regulate the cultivation and export of cannabis for medicinal purposes.

According to Dane figures, between January and November 2020, the United States, the United Kingdom, Australia, Israel, Germany and Switzerland were the countries that bought the most medical cannabis from Colombia.

Exports went from US $ 275,000 in 2019 to US $ 4.7 million in 2020, with a growth of more than 1,600%.

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