Economic Impact
The so-called “vegetable gold” business has grown rapidly and Colombia has the potential to play an important role in this sector given its favorable geographical location, low production costs, and regulatory conditions. In addition, a growing and accelerated technification of this industry driven by developed countries like Canada and the EU will in turn make cannabis production in Colombia even more efficient.
According to Fedesarrollo, between 10 and 17 people are required to work each hectare of cannabis cultivated. This can mean more than 26,900 new jobs by 2030, contributing to and promoting the agenda of the UN Sustainable Development Goals by 2030, or more precisely, SDG 8.
Likewise, Fedesarrollo expresses that if all the areas approved for cannabis cultivation (101 hectares) were planted, the export potential for Colombia would be US$258 million, surpassing exports from the textile sector, soaps and/or hygiene products, glass, inorganic chemicals and fertilizers. By 2030, the estimated income for the country would be US$2.744 billion.