International

Colombia authorizes export of dried cannabis flowers

AFP

Colombia gave the green light Friday to export dried cannabis flowers for use in medical products in addition to allowing manufacturers to produce goods such as textiles or food containing the plant.

In a bold embrace of a booming global market, President Ivan Duque signed a decree ending “the ban on the export of dried flower” in an event organized at Clever Leaves, one of the 18 multinationals that grows medicinal cannabis in Colombia.

Colombia “is coming in as a major player in the international market” for cannabis, Duque said.

Colombia, the world’s top producer of cocaine and which has major cannabis production, legalized the production of medical marijuana in 2016.

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Until now, however, it was only allowed to export extracts of the plant, not its flowers.

Authorities had feared that exportation of the flowers would allow them to be diverted to the illegal side of the trade.

In a letter sent to Duque on July 14, the cannabis cultivation company Canamonte argued that a rule against exportation of the flowers prevented growers from “accessing the largest and most profitable market segment of the medical cannabis industry.”

Flowers, which concentrate the plant’s medicinal and psychoactive compounds, “may represent 53 percent of this market worldwide,” according to Duque.

The new authorization also allows for the manufacture of “non-psychoactive derivatives” from the plant.

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“We are no longer only in pharmaceutical use. We are opening the space to do much more in cosmetics… food and beverages” and even textiles, the president said.

Fabian Currea, Canamonte’s director of cultivation, told AFP that ending the ban on exporting flowers “gives us the chance to explore new markets” and take advantage of the plant’s low production costs in Colombia.

The rule also “helps control the informal market for fraudulent products” based on marijuana that has had a recent boom in Colombia, Currea said.

The government estimates that by 2024 the medical cannabis business could become a $64 billion industry.

Other countries in the region such as Uruguay, Ecuador and Peru have also legalized the production of marijuana for medicinal purposes.

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.