FoliuMed kicks off 70-ton hemp and cannabis cultivation in Colombia
Expectation is cultivation site offers one of the more favourable grow conditions in the world
Cannabis producer FoliuMed has completed the construction of its first greenhouses on a 16 hectare grow site close to Bogota, where the company will produce more than 70 tons of medicinal hemp and cannabis plants in 150 greenhouses.
“The plants will be processed into oils and sold as pharma-grade ingredients to international producers of cannabis medicine for stress, anxiety and sleep disorders,” notes a press release issued by Spring Capital, an investment firm that specializes in both international gaming and cannabis operations in regulated markets.
“We believe that our cultivation site offers one of the more favourable grow conditions in the world, and are ready to scale up if demand meets our expectations,” says Mark Ziegler, who leads the company’s cultivation team.
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“Colombia’s favourable climate and labour costs allow us to grow premium-quality, sun-grown hemp and cannabis at a fraction of the cost in North America,” says Diego Felipe Navarro, Colombian CEO for FoliuMed, an international cannabis company with cultivation, production and distribution assets in Latin America and Western Europe.
“Our cultivation and manufacturing processes have been designed by our partner Taproot Holdings, a U.S.-licenced cannabis producer, and adhere to the most stringent international quality requirements,” Navarro says.
Market research firm Brightfield reports the market for non-psychoactive cannabis (CBD) to grow to US$22 billion by 2022, the statement notes. “With the approval of the 2018 Farm Bill, we now can freely export our hemp oils made to US and European specifications at a highly competitive price point,” Navarro goes on to say.
FoliuMed is further targeting Germany and Brazil.
Noting that the company is “now coming to a point where we want to accelerate our development by bringing in a strategic or financial partner,” Navarro reports it “will invest about US$10 million into our operations in several stages, and are receiving strong interest from domestic and international partners.”
