This is the second year that NRS has had a commercial presence in ExpoMedeweed in Medellin, Colombia. This year we represented Conhintec Labs, the only cannabis analysis company to be present at the event.
Conhintec Labs will offer accredited full panel testing to licensed cultivators, fabricators, and exporters of medicinal cannabis in all of Colombia (a 48 million market) by April 2019.
ExpoMedeWeed successfully hosted a 2 day Health and Science event on Wednesday and Thursday followed by a business focused day-long conference as well as a three day weekend expo showcasing businesses from all across the industry. Attendance was at an all time high for this 3rd year of the expo.
The 2018 event held a very large contrast to the 2017 event. We saw an immense increase in companies who already have licenses as well as those who are currently in the process of acquiring one. Unlike last year, licensees are starting to learn more about the demanding requirements that will be needed to successfully market or sell a quality medicinal product whether it’s being sold locally or internationally. Large Canadian companies that have been investing millions of dollars into Colombia since 2016 are also searching for a third party independent lab to analyze their processes and offer a COA when exporting out of Colombia. Conhintec will serve all of these companies with their analysis needs and we are proud to represent them as they will likely be providing the highest quality of testing throughout Latin America.
Overall, the industry is maturing in Colombia. Last year, many people we spoke to were entering the industry blindly and quickly without conducting proper research. This year we see more people doing the research, performing due diligence, and asking the right questions before venturing into the cannabis industry. While we still had conversations with a number of companies who appeared solely to be shell companies, or had no real business plan in place, we do see a great improvement from last year and it will only keep getting better. With the maturation of the market, regulations and players, Colombia still holds a great amount of promise of being a major force within the global market. We are happy to be here supporting some great companies and foresee great things for colombia cannabis.