A measure that sought to legalize marijuana in Colombia was put on hold by Senate members in December, during its fourth round of eight obligatory debates to pass the constitutional amendment.
The proposal was introduced by Reps. Juan Carlos Losada and Sen. María José Pizarro Rodriguez in July. If Colombian lawmakers implement the reform, they will have to begin the legislative process from scratch.
Isiah Thomas, chairman and CEO of One World Products Inc OWPC, a hemp and cannabis producer with offices in Las Vegas and operations in Colombia, said on Monday that the lack of cannabis regulatory changes is not affecting the company's operations and business prospects.
"Our plans remain unaltered as our products are not affected by the recent moves by Colombia's Congress," Thomas said in a press release.
In September, OWP announced the deal under which it agreed to leverage its facilities within the Colombian Free Trade Zone to manufacture and distribute the Smokiez Gummies to the Asian, South American and European markets.
The company wrapped up 2023 by announcing a strategic partnership with Kx Family Care, a CBD personal care product line created by Stephen Marley – son of Bob Marley – and Shelly O'Neill. Under the agreement, OWP is expected to become the singular producer and distributor of Kx Family Care products in Colombia and other Latin American countries.
Thomas noted both deals are in place and progressing positively.
"The recently announced agreements with Smokiez Edibles and Kx Family Care are progressing and we fully expect to begin production and commercialization soon," the basketball legend said. "Additionally, our THC products are intended for the international market and we can export from the Bogotá free trade zone as flower, oil or finished products."
A possible re-vote in the next six months could put the legalization of recreational cannabis back on track.
In the meantime, under a regulatory directive effective in February 2024, the destruction of all cannabis inventory over two years old is mandatory.
Now read: These Companies Teamed Up To Develop CBD-Nanoemulsion Sports Performance/Recovery Drinks
OWPC Price Action
One World Products' shares traded 3.3254% higher at $0.0435 per share after the market close on Friday.
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