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While legalizing the medical use of marijuana was a step in the right direction, the local industry has been saddled by red tape.

"We're getting some great results from a margin perspective, 60% margin, 65% margins on those categories."- Luis Merchan

PharmaCielo says it has more than doubled revenue to $3.8 million in the first nine months of 2022.

Flora Growth grows, cultivates, and develops products derived from medicinal cannabis that are sold to pharmacies, clinics, and cosmetic businesses worldwide.

PharmaCielo’s CEO claimed its business has made progress in several markets, including Germany, Israel, Brazil, Mexico, Poland, and now, the Czech Republic.

Merchan says the change by the Ministry of Health puts Colombia at the vanguard for medicinal cannabis in the world.

Extractions Solutions intends to use PharmaCielo's product to develop CBD derivatives to be produced in Spain and distributed across Europe.

The new law enables domestic production and marketing of non-psychoactive cannabis products, and further defines import and export rules.

The export of the high-THC product is pending the dried-flower checklist from the Colombian government from the 2021 update to the cannabis law.

Medical marijuana derivatives are included in the expansive resolution for the first time, though some private insurers had already included cannabis trreatments.