As other emerging regions join the international cannabis ecosystem, Latin America is trying,
with some degree of success, not to miss the closing window of opportunity to gain and
consolidate a key position in this emerging industry by leveraging its competitive advantages
while solving its multiple supply, chain, bureaucratic and political challenges. The region has
several competitive advantages to become a major player in the global cannabis industry.
However, establishing clearer regulatory pathways from seed to product, accessing to capital,
reducing bureaucracy and depoliticizing the cannabis debate are prerequisites for success.
Brazil has experienced a substantial growth in medical cannabis consumption over recent
years – which continues today – with a 72.8% increase in import authorizations from
September 2022 to September 2023. Most of the local demand is covered by imported
extracts, since cultivation in the country is not yet permitted. Thus, cannabis imports grew
steadily, with a 93% increase in July 2022 to July 2023, while the annual total of medical
cannabis import authorizations jumped from 17,812 in 2020 to 80,413 in 2022, and 66,159 were
counted as of June 2023. In the short-term and medium-term, Brazil will remain the main
market for medical cannabis in Latin America.
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