Latin American medical cannabis market set to worth $8.5 billion

Over the past 24 months, the Latin American cannabis industry has emerged from the shadows to command the attention of the international cannabis community as over ten major markets have legalized medical cannabis.

Legal cannabis sales are expected to be worth $125 million in 2018 but that number is expected to rise to $12.7 billion by 2028.

The figure comes from the recently published The LATAM Cannabis Report, by market intelligence and strategic consultancy firm Prohibition Partners, who have analysed pricing, consumption and patient datasets in the region.

According to the report, the majority of the market value will come from the medical cannabis sector, forecasted to be worth $8.5 billion in 10 years time. In addition, the report predicts that the Latin American market will undercut global cannabis prices, currently retailing at $2 per gram on Uruguay’s regulated marketplace. Offering a low-cost alternative to North American and European markets, licensed producers will look to cultivate in Latin America, creating an international export market.