Latin America is forecast to have the second largest percentage growth by region over the next five years. And although the current market is undeveloped and considered niche, the region will also see the second largest absolute growth in value (USD million) terms by 2025. Better access and availability of products will be the drivers of growth in the region.
Latin America is the region with the second largest forecast percentage growth And although the current market is underdeveloped and considered niche, the region will also see the second largest absolute growth in value (USD million) terms by 2025. Better access and availability of products will be the drivers of growth in the region.
The region has some of the most developed cannabis cultures in the world such as Uruguay and Chile. However, great differences persist among consumers. Clear generational and social gaps still exist that make legislation and development of the market a slow process. Education of the potential positive social, economic and personal impacts the industry can have is a key component of corporate strategies.
Although there is partial legalisation or decriminalisation of cannabis growing in the region, this is yet to transform into real development of the industry. In many cases, the legal frameworks are more important than the status. The difference in legal approaches and frameworks makes the region difficult to navigate for international companies.
As companies start to pop-up in the region, strategic maximalism has given way to niche specialisation to support a global cannabis supply chain. Local companies will have to face the question of raw commodity-like materials versus ready-for-consumer products.
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