LATAM: An update on cannabis in the region (October 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!
Our primary piece of news to share for this month is the exciting exhibition that has been taking place in Buenos Aires. It is the first time this has taken place since 2019, making the occasion all the more important to note, exploring the potential within the legalised cannabis market and expanding the potential horizons for the market within Argentina and also the wider region as a whole. Education in this industry is key, and as knowledge is heavily centred around a set few professionals and companies, the spreading of information is valuable, and with over 80 conferences and 16 workshops, the expo took a step in the right direction with regards to widening the positive perceptions towards legal cannabis. Another interesting aspect to note is that the expo featured talks from people outside of the industry, for example, doctors. This is key as public attitudes are difficult to change, this is to say, stereotypes of the drug that have existed for generations will take more to modify than simply discussions from companies selling cannabis-based products.
Our other piece of news for this month comes in the form of the cannabis seed exportations to Argentina and Peru by Colombia that took place only a matter of weeks ago. This is also an important development as it represents the links between countries in the region with regards to cannabis becoming stronger and allowing any future diversification of legislation to have the potential for region-wide growth and acceleration of market expansion. This can also link with the previous news item of today’s article, as Argentina’s receptiveness of legalised cannabis is becoming increasingly clear, providing hope for further legislative changes in the 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.