CO: Cannabis operation declared ‘project of national strategic interest’ by Government of Colombia

The Colombian Intersectoral Commission for Strategic Projects (Comisión Intersectorial de Proyectos Estratégicos – CIIPE) led by the Minister for Medical Cannabis, Ernesto Lucena Barrero, has identified PharmaCielo as a “Project of National Strategic Interest” (Proyectos de Interés Nacional Estratégicos – PINE).

PINE projects receive immediate support from the Colombian government in recognition of their economic contribution and importance to the nation. Specifically, this reflects complete government structural and policy support for industry progress, and a commitment to streamlined government decision-making and removal of red tape impediments. With recognition of PharmaCielo as a PINE project, the government committed under the leadership of the Presidency of the Republic to “work on the agile resolution of the bottlenecks.”

“We appreciate the Colombian government’s recognition and commitment in support of PharmaCielo as the first licensed cannabis company in the country. We expect PharmaCielo and the industry at large to benefit from the PINE designation, with an imperative for quick decision-making and execution as the global industry evolves,” said David Attard, CEO of PharmaCielo. “This designation places the legal cannabis industry in Colombia on similar footing to that of the mining, coffee and avocado industries, which have become global export leaders, with significant benefit to the domestic economy and the people of Colombia. We also appreciate the Government’s recognition of PharmaCielo as a trailblazer having unique and immediate business needs separate from those of the broader industry, given its globally oriented business model and scale. We expect this to directly translate into greater speed and efficiency when dealing with business demands, particularly as we significantly ramp sales through the end of 2020 and into 2021.”

PharmaCielo – PINE Designation

Specifically, the official notification outlined the rationale for PharmaCielo to be designated as a PINE project. The Government’s reasons included:

• Its role as a pioneer of the cannabis industry in the country – PharmaCielo was the first licensee in Colombia;
• Progress and goals established in the proposal;
• Contribution to exports;
• Size of investment;
• Job creation;
• Quality certifications and best practices; and
• Inclusion programs.

PINE – Background

PINE recognition is based on the government’s assessment that a company and industry have the ability to make significant contributions to the nation, including:

• Driving a significant increase in the productivity and competitiveness of the national or a specific regional economy;
• Generating significant impact on the creation of direct employment or via linkages, and/or capital investment;
• Generating a positive return on investment and demonstrating operational sustainability;
• Increasing the export capacity of the national economy; and
• Generating significant income to the nation and specified regional areas.

Introduced as a public management strategy to facilitate the efficient and timely execution of projects and qualified individual companies determined to be of economic significance, PINE focuses on measures related to institutional strengthening, comprehensive project planning, rationalization and optimization of processes and procedures in interaction and coordination with government entities.