Uruguay, Chile, and Colombia already have investments from multinationals from Canada and the United States, while in Peru they are waiting for the regulation of medicinal cannabis
This is how the medicinal marijuana market moves in other countries in the region
The progressive legalization of medical marijuana in the countries of Latin America and the Caribbean has created a market whose potential begins to attract investments from Canada and the United States.
In Peru, the medicinal use of medicinal cannabis and its derivatives was approved in 2017; However, to date, this law has not been regulated, so its application is still pending.
There are already international companies interested in entering Peru, as noted by the Canadian Canopy Growth, which already has offices in the country.
"The panorama for medical cannabis continues to evolve rapidly in Latin America and Peru is about to take a leading role with the introduction of new regulations that we hope will prioritize patient access," said Antonio Droghetti, CEO of Canopy LATAM, it's a statement.
In other countries of the region, however, the advance of the cannabis market already adds investments in production plants and acquisitions of local companies with authorization to market products made from medical marijuana.
In December 2013, Uruguay became the first country to regulate the medical marijuana market from its sow until its sale to the public.
Former, a company with Uruguayan and foreign capital that has been operating in the country since 2017, has already invested the US $ 7 million in laboratories and crops. In December 2018, ICCLabs, owned by the Canadian Aurora, opened a laboratory to produce hemp - a plant similar to marijuana - with an investment of US $ 12 million. The National Drug Secretariat of Colombia reported that another US company is being installed in the country, with an investment of more than US $ 40 million, explained El Nuevo Herald.
According to the same source, more than 20 companies are developing from medical marijuana. The Colombian government estimated months ago that the country would receive investments of US $ 120 million in this field.
In Chile, there are three international firms that offer medicinal cannabis products. In 2018 came the Canadian Canopy Growth, the largest traded marijuana company in the world, whose local investment totaled the US $ 10 million; then also the Canadian Tilray, who acquired the Chilean cannabis producer Alef Biotechnology. for the US $ 3.9 million.
This month, Khiron was the last to land in the country, associating with the holder of the first license for medicinal cannabis cultivation in the country (Dayacann) and the Daya Foundation, the main promoter of the use of cannabis-based treatments, according to La Tercera.
Since the end of 2015, the Chilean government authorized the preparation and sale of medicines based on marijuana.
The government of Colombia authorized the production and manufacturing of cannabis for medical purposes in 2016. At the end of 2018, more than 214 companies or persons licensed to produce medical marijuana were registered.
American and Canadian firms such as USA Real Estate Holding, Foods Organization and Khiron Life Sciences acquired eight businesses among projects, specialized clinics and firms established in Colombia.
According to El Tiempo, a study by ProColombia estimates that the country would reach markets in excess of US $ 43,000 million in 2025, due to the regulatory framework, competitive advantage, and its export potential. In addition, another study from the Universidad del Rosario says that in the future the medicinal cannabis market could contribute 0.4% of the Colombian GDP.
At the end of 2018, the Mexican government authorized the commercialization of the first products made from cannabis. In that same year, the Canadian Aurora Cannabis bought Farmacias Magistrales, the first Mexican company licensed to import medicinal products based on marijuana, says Expansión.
This acquisition, according to forecasts by Baker McKenzie, would be the beginning of a stage of transactions in the form of an association between foreign firms making deals with Mexicans. It is estimated that Mexico could reach, in a year, the same sales figure registered by Canada in five years, because it has twice the population and is one of the leading producers of marijuana in the world, after Morocco, according to United Nations data. United.
A report by Grand View Research estimates that the global market for legal marijuana could reach the US $ 146 billion by the year 2025, according to a report by Grand View Research.