Investors and cannabis businesses are flocking into Latin America as countries across the region expand legal access to cannabis.
Latin America is home to an estimated 12.9 million consumers (per annual usage) who spend nearly $10 billion per year on cannabis.
Collectively, Latin Americans annually consume over 5.1 million pounds of cannabis, which underscores the significant market opportunity as legalization extends across the region.
Progressive cannabis laws coupled with a strong focus on building exports and low production costs have led to significant international investment into countries in the region including Brazil, Colombia, and Uruguay.
This year, Mexico is expected to join Uruguay as the second country in the region to fully legalize adult-use cannabis following the 2018 Supreme Court’s ruling which declared cannabis prohibition as unconstitutional stating “the effects caused by marijuana do not justify an absolute prohibition on its consumption.”