Clever Leaves Holdings Inc. (NASDAQ:CLVR) (OTC:CLVRW), a prominent global medical cannabis company announced a strategic partnership with the renowned Dutch seed bank, Paradise Seeds to develop and register high-performance cannabis cultivars in Colombia.
Through this partnership, Clever Leaves will have an exclusive license to cultivate selected genetics, while Paradise Seeds will make other cultivars available to third parties across Colombia and Latin America.
Andrés Fajardo, CEO of Clever Leaves, said the partnership will expand the company's global footprint and strengthen its portfolio with Paradise's award-winning strains.
Luc Krol, founder and CEO of Paradise Seeds also expressed enthusiasm for the collaboration, citing Colombia's favorable conditions for medical cannabis production and the opportunity to advance their strategy of making Paradise varieties accessible globally.
Avicanna's Milestone With Trunerox
Toronto-based biopharmaceutical company Avicanna Inc. (TSX:AVCN) (OTC:AVCNF) has achieved a significant milestone with the first indication-specific drug registration for Trunerox by INVIMA, Colombia's health authority.
This approval enables Avicanna to manufacture and commercialize Trunerox in Colombia for treating seizures associated with Lennox-Gastaut Syndrome (LGS) and Dravet Syndrome (DS). CEO Aras Azadian emphasized the approval as a major step toward serving patients with unmet medical needs.
Legislative Setbacks In Cannabis Regulation
The Colombian Congress shelved a bill aimed at regulating adult use and commercialization of cannabis, reflecting deep divisions within the legislative body. Despite support from some lawmakers who argue for regulated legalization to combat drug trafficking and protect youth, the proposition to archive the project received sufficient backing, led by opposition figures who view the measure as conceding to narcotrafficking interests.
President Gustavo Petro criticized the Senate's decision to stop the legalization measure, arguing it benefits the illegal drug trade and violence.
Impact on Cannabis Companies
The developments in Colombia's cannabis industry and regulatory landscape have implications for companies operating in the country.
Clever Leaves Holdings Inc. (NASDAQ:CLVR) (NASDAQ:CLVRW), PharmaCielo Ltd (OTC:PCLOF) and Khiron Life Sciences Corp (OTC:KHRNF) are closely monitoring these changes, given their potential impact the cultivation, production and commercialization of cannabis products in Colombia and beyond.
As the debate over cannabis regulation continues, industry experts keep an eye out for opportunities and challenges in Colombia's evolving market, with international companies poised to play significant roles in shaping the future of medicinal and potentially recreational cannabis in the region.
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