More countries are joining the business vision the LATAM cannabis industry promises to other regions of the world.
As the United Nations (UN) eliminated marijuana from the dangerous narcotic drugs, a new door for the attributes of this plant to be known opened in more parts of the world. Today, at least eight LATAM countries have approved the use of cannabis.
We can consider Uruguay is ahead in the game above the other countries for being the first to approve recreational marijuana but, the medicinal use and scientific study are allowing a new perspective on the cannabis industry and a broader audience of consumers.
Countries like Colombia or Argentina see more areas of opportunity in the cannabis industry that will benefit their economy in the future.
The cannabis regulation in Colombian territory makes possible the evaluation, monitoring, and control of the activities of import, export, cultivation, production, and commercialization of the plant seeds.
Colombia stands out among the others due to the regulatory settings that allow the industry to grow, and the perfect bioclimatic conditions for effective cultivation of the cannabis plant. In addition to being an important business driver, the plant qualities present a great export opportunity to other countries, where the use of marijuana in some health procedures is not entirely common.
In November 2020 a new regulation was approved that enables people who need the plant to grow their own. According to an official bulletin issued on November 12th, it will be given for free to those who are part of the state; the same document encourages more scientific research to generate accurate information on the properties of cannabis and its derivatives for safe application in patients.
Chile is one of the places where the self-cultivation of cannabis for personal use and health reasons is allowed.
The Senate of Mexico has already approved the production of cannabis for medical, recreational, and industrial purposes (although it is still not a law, and still illegal). The Mexican territory is viewed as a place for year long crops, cheap labor and as a future important ally to the industry in the US.
In 2019, it was added to the list of countries in which marijuana is regulated for pharmaceutical use.
For now, Peru is the only country that only grants import, distribution, and sale licenses to pharmacies, laboratories, and people dedicated to the production of cannabis.
The green gold rush spreads throughout LATAM, leaving behind great impact discoveries for medicine and other areas.