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A measure that seeks to legalize marijuana in Colombia has been put on hold by Senate members on Tuesday. Before that, the measure had advanced through the Chamber of Representatives and a Senate committee.
During its fourth round of eight obligatory debates to pass the constitutional amendment, the Senate decided to postpone consideration of the proposal introduced by Reps. Juan Carlos Losada and Sen. María José Pizarro Rodriguez in July, with a total of 45 votes, reported Marijuana Moment.
Colombia's president Gustavo Petro opposed the decision made by legislators, arguing the move would only help the illegal drug trade to further grow, resulting in more violence, the news outlet writes.
"By overturning the cannabis legalization law, the only thing you do is increase the profits of drug trafficking and its violence," he said in a post on X (formerly Twitter) on Thursday.
If Colombian lawmakers opt to implement the reform, they will have to start the two-year legislative process from scratch next year.
This is not the first time the cannabis reform push has fallen short. During the previous legislative session, the measure was struck down when it reached the country's Senate for a final vote, earlier this year.
Some of the cannabis companies that operate in the country and could benefit from the policy change include Clever Leaves Holdings Inc. (NASDAQ:CLVR) (NASDAQ:CLVRW), PharmaCielo Ltd. (TSXV:PCLO) (OTCQX:PCLOF) and Khiron Life Sciences Corp. (TSXV:KHRN) (OTCQX:KHRNF), to name a few.
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