Colombian Government Invests In Cannabis Industry Development, Aims For 44,000 New Jobs By 2030

By Lucía Tedesco via El Planteo

The Ministry of Commerce, Industry and Tourism of Colombia has launched a program aimed at capitalizing on the potential of the cannabis and hemp industry for the production of a wide range of products, including agricultural bio-inputs and medicinal products.

This strategy will have an initial investment of COP 5 billion ($1.28 million). The Minister of Commerce, Industry and Tourism, Germán Umaña Mendoza, stated that “the international demand in these sectors is increasing, and this represents a great opportunity for Colombia.” More than 200 public and private stakeholders can contribute to the development of these industries in different regions of the country.

The Four Pillars of Colombia to Enhance Cannabis and Hemp

Hernán Ceballos, general manager of Colombia Productiva, pointed out that this strategy aims to overcome the challenges these sectors face and promote their integration into the productive chain. Therefore, the country will address four fronts:

1. Specialized Training: The government plans to train about 3,000 people on new uses of these plants, business models, and sustainability.
2. Co-Financing of Projects: COP 2.25 billion will be allocated to co-finance at least 30 projects for productive linkages. This will foster innovation and efficiency in sectors such as agriculture, cosmetics, textiles and medicine.
3. Networking events: Events will be organized to facilitate interaction among different industry actors. This will serve to boost strategic alliances and commercial opportunities.
4. Sector Intelligence: Studies will be conducted to analyze the state and capabilities of these industries, identifying trends, challenges, and opportunities for sustainable development.

Projections indicate significant growth in global demand for cannabis and hemp, which could generate up to 44,000 jobs in Colombia by 2030. According to estimates from the consultancy Mordor Intelligence Research & Advisory, by 2028, the global demand for industrial hemp will reach $4.9 billion and that for medicinal cannabis will hit $22.46 billion.

Currently, Colombia has over 57,000 hectares of legal cannabis crops and more than 3,000 licenses granted for its cultivation and processing, positioning the country as a key player in the industry worldwide.

This article is from an external unpaid contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.