LATAM LEGAL CANNABIS INDUSTRY SET TO BE WORTH OVER $12.7 BILLION BY 2028

LATAM LEGAL CANNABIS INDUSTRY SET TO BE WORTH OVER $12.7 BILLION BY 2028

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 legalised medical cannabis. Legal cannabis sales are worth $125 million in 2018, but that number is expected to rise to $12.7 billion by 2028. The LATAM Cannabis Report™ examines the key social, political and economic forces driving the cannabis market in Latin America.

REGIONAL COMPLEXITY INHIBITING THE SPANISH CANNABIS INDUSTRY

REGIONAL COMPLEXITY INHIBITING THE SPANISH CANNABIS INDUSTRY

Last year we examined the state of cannabis clubs in Catalonia. Historically a frontrunner in terms of both medical and recreational cannabis the region has blazed a trail in continental Europe. However, 12 months later, the Spanish government have done little to progress cannabis legislation at a federal level and issues of independence and territorial segregation have taken priority over a national cannabis policy.

EUROPEAN LEGAL CANNABIS MARKET EXPECTED TO EXCEED €115 BILLION BY 2028

EUROPEAN LEGAL CANNABIS MARKET EXPECTED TO EXCEED €115 BILLION BY 2028

By 2028, the European cannabis market will be worth €115.7 billion, according to market intelligence and strategic consultancy firm, Prohibition Partners. The findings come from The 3rd Edition of The European Cannabis Report™, a new report calculating the potential value of a fully legal cannabis market across 28 key countries in Europe.

PATIENT BOOM IN GERMANY PUTS PRESSURE ON SUPPLY

PATIENT BOOM IN GERMANY PUTS PRESSURE ON SUPPLY

Since March 2017, medical cannabis has been legal in Germany, launching a new domestic industry, and attracting the watchful eye of the global cannabis community.  

Previously, the state had only accepted applications from around 1,000 patients who had navigated rigorous regulations in order to legally access cannabis treatments. However, as of March 2018, the number of applications to the health insurance companies has risen to 13,000, with over 60% of requests for reimbursement being approved.

REFORM LOOMS IN THE NETHERLANDS AS STATE LOOKS TO TAKE CONTROL BACK FROM THE BLACK MARKET

REFORM LOOMS IN THE NETHERLANDS AS STATE LOOKS TO TAKE CONTROL BACK FROM THE BLACK MARKET

Dutch cannabis laws are not without fault. Since the introduction of coffee shops in 1976, Amsterdam’s cannabis has been supplied by criminal organisations. Additionally, a lack of cannabis cultivation licences, since 2003, has allowed Bedrocan to develop a monopoly. But as the global reform on cannabis begins, the Netherlands are experimenting with cultivation licences in a bid to grow the industry.

YOUTH LEAD CANNABIS REFORM AS FINLAND BREAKS SCANDINAVIAN STIGMA

YOUTH LEAD CANNABIS REFORM AS FINLAND BREAKS SCANDINAVIAN STIGMA

Starting in the 1960s, Finland, like its Scandinavian neighbours developed a history of drug prohibition. However, Finland is too often tarred with the same brush as Sweden’s repressive policies. In reality, since 2008, Finland has legalised medical cannabis and reformed the formerly punitive cannabis policies. Although mainstream politics avoids the subject of full legalisation, youth parties are fighting for reform in the happiest country in the world.

NORWAY DECRIMINALISES CANNABIS IN AN EFFORT TO ROLL BACK REPRESSIVE DRUG POLICIES

NORWAY DECRIMINALISES CANNABIS IN AN EFFORT TO ROLL BACK REPRESSIVE DRUG POLICIES

On the whole, public policies in the Nordic countries are usually informed by modern science and human rights. Drug policy is, arguably, the notable exception. Current cannabis laws in Norway are not based on any real science of humanism but largely as a result of the fearmongering rhetoric of the 60s and 80s. However, as much of Europe rolls back the embargo on medical cannabis, Norway is looking to differentiate itself from the typically repressive Scandinavian cannabis policies.