NOV. 12, 2018 - REPORT: LATIN AMERICAN CANNABIS MARKET COULD BE WORTH $13 BILLION BY 2028
Let’s take a closer
look at Latin America’s cannabis market and the countries that are
expected to contribute to what could be a billion-dollar industry:
Argentina– In March of
last year, a medical cannabis law was passed, but Argentina’s
medical cannabis industry has not gained momentum quite yet.
Recreational cannabis is permitted in small amounts, but private
cultivation is prohibited.
Brazil – Three
years ago, a medical cannabis law was passed in what is acknowledged
as the largest country in both South America and Latin America. Under
this law, the use, sale, and importation of CBD products is
permitted. Weed has been decriminalized in Brazil since 2006.
However, cultivation of the plant is forbidden. On the plus side,
Brazil has been given the go-ahead to receive CBD oil imports from an
American company called Medical Marijuana Inc.
Chile – The sale
and use of medical cannabis extracts has been allowed in this coastal
country since Chile’s legislature passed a law in 2015. The Daya
Foundation oversees medical cannabis cultivation in Chile, where
citizens can grow a maximum of six plants under the country’s broad
Colombia – Two
years after medical cannabis was legalized by a 2015 presidential
decree, the Colombian government set up a legal infrastructure for
commercial cannabis cultivation. Despite being legal for specific
medical uses, as well as being decriminalized for personal
consumption and cultivation, weed remains to be illegal for
commercial sale and public consumption in Colombia.
Mexico – In June
of last year, the former President Enrique Peña Nieto approved a
bill to legalize weed for medical purposes in Mexico. To this date,
only products containing CBD are legally allowed on prescription.
However, access to cannabis in Mexico could be a lot easier in the
future, what with a Supreme Court ruling putting an end to the
country’s cannabis prohibition just last week.
Panama – Cannabis
cultivation and consumption was banned in Panama way back in 1923.
Nevertheless, the country opened the door to medical cannabis
legalization this year, when Bill 595 (the “Bill”) was
Paraguay is one of the world’s leading cannabis producers. The
import of cannabis oil was authorized by Paraguay under the control
of the Health Ministry in May of last year. During the first month of
this year, domestic medical cannabis cultivation was approved after a
bill was passed by lawmakers.
Peru – Although it
is illegal to consume cannabis for recreational purposes in Peru,
possession has been decriminalized by Art. 299 of the Criminal Code.
Furthermore, cannabis oil was legalized for medical purposes last
Uruguay – Cannabis
is one of the most widely used drugs in Uruguay, which is not really
surprising, considering the fact President Jose Mujica signed
legislation to legalize adult-use weed in December 2013.
Rose Jenkins, cannabisnewsbox.com 12 November 2018