The cannabis market, offering an array of diverse products, is split between medicinal, therapeutic, and recreational use. While medicinal and therapeutic purposes are more widely permitted, the
are expected to grow, alongside increasing tolerance and formal legalization worldwide. In Latin America and the Caribbean, for instance, the number of
is expected to increase in the coming years, reaching approximately 17 million users by 2028.
Legislation in Latin America
In 2013, Uruguay became the first country in the world to legalize cannabis. While legalization itself is still a fairly recent development worldwide, many countries are effectively allowing it through decriminalization. Within Latin America,
legislation for medical cannabis has been approved in at least nine countries, while legislation for recreational cannabis has been approved in Uruguay and Mexico. As of 2023, 13
licenses had been issued in Uruguay for cultivation of psychoactive cannabis for medicinal use, 11 for research, and 10 for industrialization. Three licenses were issued for the cultivation of psychoactive cannabis for adult use as of that year.
Latin America’s cannabis market
In 2021, the
value of the legal cannabis market in Latin America was estimated at 18.4 billion U.S. dollars, with cannabis for medical use accounting for the largest share. In that year,
prevalence of cannabis use in the region was highest in the Caribbean, with 5.73 percent of the population consuming cannabis. Costa Rica, Ecuador, and Mexico had some of the highest
typical wholesale prices of the product, with a value between 545 and 648 U.S. dollars per kilogram. Guatemala, Colombia, and Honduras had prices per kilogram below 100 U.S. dollars.
Revenue of legal cannabis
In 2023,
revenue of the legal cannabis market in Latin America was estimated at 1.23 billion U.S. dollars and was forecast to consistently increase in the coming years. The total value was mainly accounted for by
therapeutic cannabis, with the largest number of legal users and the highest average revenue per user. Revenue of all three segments of the legal cannabis market in the region is forecast to grow in the coming years, with
recreational cannabis estimated to reach a revenue of over 264 million U.S. dollars by 2028.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.
