Canadian medical cannabis producer PharmaCielo has secured a license to manufacture MMJ products in Colombia, the first of what will likely be many companies to win a permit in the Latin American country.
In fact, Colombia could prove a fertile business opportunity for many expansion-minded cannabis companies from around the globe.
“There is no limit on the number of licenses we plan to hand out,” Colombian Health Minister Alejandro Gaviria said during a press conference, Fusion reported. “Any firm that meets our requirements will get a license.”
PharmaCielo will set up a manufacturing facility outside the city of Medellin, once famous as the home of drug kingpin Pablo Escobar and now a tourist destination.
The company plans to manufacture MMJ oil extracts and export them around the globe. The company’s next step is to obtain a permit to grow cannabis.
Colombia legalized MMJ late last year, and is one of several countries that are working on setting up new cannabis industries.