Colombia: Government says it will invest five billion Colombian pesos ($1.3 million) to promote production of marijuana and hemp in announcement this week.

Hemp Today reports

The Colombian government said it will invest five billion Colombian pesos ($1.3 million) to promote the production of marijuana and hemp, according to an announcement this week.

The Ministry of Commerce, Industry and Tourism (MINCIT) said the goal is to advance the development of agricultural bio-inputs for cosmetics, textiles, packaging, construction materials, veterinary products, food and drinks, and medicinal products.

“We seek to take advantage of these opportunities in line with our commitment to agro-industry and the diversification of the productive matrix in the territories, part of the re-industrialization policy that we have underway in the government,” said MINCIT Minister Germán Umaña.

Facilitators identified

Umaña said that more than 200 public and private entities have been identified that can help transform the marijuana and hemp industries to stimulate social, economic, scientific and technological development.

The lead entity on the government initiative is Biointropic, a private company that develops biotechnology and biodiversity projects. Biointropic partners with the EAFIT University, the National University of Colombia at Medellín, the University of Medellín, EIA University, CES University, Ecoflora Agro, Ecoflora Cares and Superbac de Brazil. Biointropic, which started in 2014, later established the Biotechnology Business Center in Colombia and the first Innovation Center in focused on ​​biotechnology

Funding for 30 projects

The budget includes 2.25 million pesos (~$600,000) for at least 30 projects. Eligible projects can be prototype and product development efforts, pre-commercial validations, processes aimed at greater sustainability and efficiency, effectiveness studies and agricultural technology packages, MINCIT said.

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