Colombia has been awarded a record high quota of 21.84% of worldwide high -THC for commercial and scientific purposes. The quota, which is awarded by the International Narcotics Control Board (“INCB”), an independent body for the implementation of the United Nations Drug Convention, affirms Colombia’s role as one of the most important supply sources for the licensed global cannabis economy.
The quota allocation of 56.5 tons (131,000 pounds) of dry flower for Colombia in 2020, affirms that the international community governing legalized narcotics recognizes the important work of the Colombia government in establishing an effective regulatory framework to support national and worldwide cannabis demand.
The INCB was recently in Bogot to conduct a two-day training session on the requirements of international drug control treaties regarding the regulation, licensing and reporting obligations under the 1961, 1971 and 1988 international drug control conventions. On December 11 & 12, the INCB secretariat explained how international drug control systems function and allow limited access for legitimate scientific and medical purpose. The organ also discussed statistical reporting obligations under the existing conventions.
“We welcome the INCB announcement and congratulate the government of Colombia on the achievement. The 2020 quota guarantees access to new medical products that can transform patients’ lives,” said Juan Diego Alvarez, the vice president of regulatory affairs for Khiron Life Sciences Corp.
Khiron Life Sciences (TSXV: KHRN, OTCQB: KHRNF, Frankfurt: A2JMZC) claims to be currently the only cannabis company in Colombia with an allocation of quota to manufacture psychoactive medical cannabis for commercial domestic purposes, and one of the few companies also authorized to meet export demand. The authorization is a result of commercial quotas allocated to Khiron by the Colombian Technical Quotas Group (“TQG”), which permit the company to cultivate and commercialize up to 560 kg – or approximately, 65,000 units – of psychoactive, high-THC cannabis in 2019. As of April 2019, Khiron has applied for additional commercial quotas for high-THC cannabis for 2020. TQG decisions on commercial quotas for the year are anticipated to be announced by February 2020.
Photo courtesy INCB