Colombia’s approval for Medical Cannabis

Marijuana has been used for thousands of years. The major purpose of this drug for the people was to get high and it is majorly possible due to the primary ingredient THC (TetraHydroCannabinol). There are many medicinal purposes for which this drug is being used and it possesses some therapeutic properties if taken in right form, amount and timing. There are people who still use this drug for getting high and this is the recreational use of cannabis. However, taking an account of the medical uses, there are many countries which have permitted cannabis usage for various segments. Colombia is one of the recent nations which has allowed medical use of cannabis.

Medical cannabis is presently allowed in 31 countries in the world. Despite terming it as ‘illegal’, there are many states which have decriminalized personal usage of marijuana. The different between legalization and decriminalization is that legalization permits the use of marijuana without any legal complications or bounds whereas, decriminalization means the relaxation of the criminal penalties for violating the laws related to marijuana.

The Food and Drug Administration had already given approval for synthetic cannabinoids (Nabilone and Dronabinol) for treating vomiting and nausea associated with cancer chemotherapy. The US Food and Drug Administration has given approval to 3 cannabinoids. In the recent phases, GW Pharmaceuticals has attained success in treating two forms of epilepsy by getting FDA approval for the drug Epidiolex. The legalization of recreational marijuana is not much prevalent but many states are under the process to pass this on.

There are 3 major types of stocks included for medical or recreational marijuana sector:
Marijuana growers: Cultivation and plantation of cannabis plants in indoor facilities or greenhouses, harvesting the crops and finally, selling it to the customers
Cannabis-focusing biotech companies: These companies perform research and development for developing drugs including cannabinoids.

Service providers: There are service providers associated with every industry and cannabis sector is no different. It includes the various levels of providers linked at every stage to establish a smooth supply of cannabis throughout the region and even on the export platform.

Marijuana stocks were volatile in 2018 with the unsure decision by the government for legalization matters. The stocks were highly speculative and the new companies with great ideas were even seen with a dilemmatic eye. The administration of Trump has given a green-signal to many companies to initiate their business with the altered business-models and the legalized approach towards investments.

The markets suffered a lot with the ongoing sluggish decisions made by the governments. Colombia’s decision for permitting medical usage of cannabis has given a new start to the wide range of countries to initiate the process of even exporting the cannabis oil to Canada for testing and review. This primary step has given hope to the companies to develop new ideas and approach for generating cannabis-based businesses. Clever Leaves is the first company to attain the permission from the government to submit cannabis oil samples to Canada and it will be a success for the Colombian administration to get the approval from the company for getting the best quality medical cannabis.