Due to coronavirus negative economic impact, the main cocaine producing countries (such as Colombia, Peru, Venezuela and Bolivia) are analyzing about facing the continuous drop in cocaine prices; which have declined these last 3 months during the spread of the pandemic.
Coca leaf and workforce, key in the production, have fallen today by 12% and 23%, being at a minimum since the invention of the drug. The trafficking has been impacted by restrictions in movement and closure of borders.
Colombia, the world’s biggest cocaine producer, has led a meeting to cut in production around $105 millions per week. The economic downturn caused by the covid-19 crisis will have a transformative effect on cocaine markets and the price of the gram will drop to $20 in the next weeks.