President Michelle Bachelet is expected to approve the new regulation being drawn up, Undersecretary of Public Health Jaime Burrows told local media.
The measure would require strict oversight, including authorization by a specialist and inventory checks, Burrows said.
Under current Chilean law, cannabis-derived drugs are not allowed to be sold and those who want to obtain them must petition the IPS public health institute to import them from abroad.
The only such drug that has been allowed for import is Sativex, a mouth spray used to alleviate symptoms of multiple sclerosis.
Parliament is currently debating legislation aimed at decriminalizing the consumption of cannabis for medical and recreational purposes.
Elsewhere in South America, Uruguay both legalized marijuana and created a regulated market for it in 2013.