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The loan — which is the first issued by Kennedy Funding to close in Colombia — will be used to purchase 17,000 acres of vacant land in the Sucre capital.

"This acquisition represents a significant milestone for the cannabis industry, being the first in which a major multinational agricultural corporation has taken a position in a joint venture of this nature,” said Avicanna.

Ecopetrol reported 15.8 trillion pesos in earnings, an increase of 37.7% compared to the 11.5 trillion pesos brought in during the first half of 2017.

The 2.8% figure is the best result in any second quarter since 2015 and up from the 2.5% growth seen in the same period during 2017.

The retail giant plans to hire 400 people by the end of October and reach 600 employees by the end of the year.

Rain and severe weather have led to the collapse of at least 14 houses, but no deaths, significant injuries, or missing people have been reported.

The visit will be a part of the secretary’s larger trip to South America, including stops in Brazil, Argentina, and Chile.

In April, Colombia, Brazil, Argentina, and others suspended their membership in an organization facing leadership issues and no consensus regarding relations with Venezuela.

The Israeli embassy in Colombia asked the Andean nation to "reverse the decision,” expressing that it was both “surprised and very disappointed."

The Inter-American Development Bank loan will be used on tech tools, management models, and improving the quality of citizen services.