LATAM: An update on cannabis in the region (November 2021)
Today’s article will be an update on the cannabis market in Latin America, and during the last couple of months there have been a few developments. One interesting point to note before getting into any details is that with an industry such as this, legislation and attitude are difficult entities to change. This is to say that the lag-time between a government meeting or a protest by members of activist groups campaigning for changes to be made to the legal status of cannabis and subsequent tangible change is not instant. This means a great deal of patience is needed when keeping an eye on updates, however, it is not all moving at a snail’s pace, and as more countries are immersing themselves in the possibilities of relaxed legislation and the benefits that come with this, the market expansion leads to new opportunities, and more importantly, new updates for us to share with you!
Hempcrete, a material we have explored in the past, takes elements of hemp and turns it into a building supply which can create carbon-negative houses. This is evidently an attractive prospect for investors as the world we inhabit today is in extreme need of sustainability. So how does this link to Mexico and news updates for this month? Well, the success of hempcrete projects in the US, for example, is brining opportunity on the Mexican side of the border for domestic and international companies looking to harness the power of the legalised cannabis market there, which is tipped to become the largest in the world and use hemp-based building materials to revolutionise the building sector and diversify the Mexican market space.
A report published recently, and similarly to something we mentioned a while back, is that Colombia is exporting cannabis extract to other nations. Now, while this may not be entirely new, updates in the last month have been few and far between, though the expectation that by 2030 these Colombian exports will amount to US$1.73 billion is welcome news and provides reassurance that the sector is moving in the right direction for the relatively near future.
If you would like to stay up to date with the cannabis market in Latin America, do not hesitate to get in touch with us today. At Creimerman, we assist our clients with their cross-border ventures, striving to help make them a success, and we would love for you to be the next.