Colombia, Notorious for Illicit Cocaine Trade, Embraces Cannabis
- Colombia’s position near equator makes it ideal for cannabis
- Companies are investing in industry, even as stock boom fades
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Cannabis companies are rushing to set up operations in Colombia, looking to gain a foothold in one of Latin America’s most notorious drug centers as governments across the world embrace the burgeoning legal marijuana industry.
Growers, many with financial backing of firms from Canada and the U.S., estimate as much as $500 million has been invested to buy farm land, build greenhouses and set up labs to produce oils, creams and other products that contain cannabidiol, or CBD, an extract used to treat everything from chronic pain to insomnia. So far, none are growing marijuana rich in THC, the substance that makes smokers high.