Hemp CBD Business Plans
Population (m) 650 GDP (US$ t) 5.3 Total Healthcare Expenditure (US$ b, est.) 354 Total Pharmaceutical Expenditure (US$ b, 2016) 117 Total of Cannabis Users (%, est.) 5.4 Source: World Bank/Prohibition Partners
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Hemp is legal in Brazil, Chile, Colombia, Jamaica, Mexico, Peru and Uruguay.
According to data from BDS Analytics in partnership with Arcview Research, the Latin American legal cannabis spending is expected to grow from $125 million in 2018 to $776 million by 2026.
Hemp oil was legalized for medical cannabis products in 2015, however, Brazil doesn’t allow its production within the country.
Chile is expected to be the largest market in the region and would account for around 39% of Latin America’s industrial hemp market.
Growing hemp has been legal in Colombia since 1986.
Hemp was legalized in 2015.
Mexico is the second largest Latin American market for industrial hemp products, taking a 15% share. On June 19, 2017 President Enrique Peña Nieto signed a bill into law that officially legalized the cultivation, production, and use of medical cannabis products with less than 1% THC in Mexico.
On February 23th 2019, the government approved the regulation of Law No. 30681 that regulates the medicinal and therapeutic use of Cannabis plant and its derivatives.
Cannabis and hemp have been legal in Uruguay since 2013. Uruguay allows up to 1% THC in its hemp production. About 400 hectares were planted in 2016, and in 2017, nine companies received authorization to plant around 1,200 hectares, according to the country’s Ministry of Agriculture.