17 Million Potential Cannabis Patients In Latin America
There are more than 60 nations worldwide seeking to decriminalize or legalize cannabis, mostly for medical applications. To date, New Frontier Data has observed, experienced, and studied 33 states in the U.S., and at least half a dozen nations’ new medical cannabis markets, from which we have drawn some important lessons.
There are 9 Foundational Pillars required for the effective establishment of a new legal cannabis market. When looking at the types of market differences seen in Canada versus Uruguay or the U.S., it is clear that populous- or government-driven Policy, as the case may be, ultimately drives how the given market will be set up. Depending on whether the impetus toward common goals stems from generating revenue, addressing a medical crisis, or curbing crime, the initial policy objectives are critical to shaping how that nation drafts regulation, weighs taxes, and crafts requirements for lab testing, cultivation, processing, and distribution.
On Feb. 11, 2019, the ICA held its inaugural symposium (in collaboration with CannaTech), bringing together top government officials from Panama, Colombia, Mexico, Paraguay, Chile, Argentina, and others to explore the impact and opportunities created by the regional legalization of cannabis. With nearly 17 million potential medical cannabis patients, Latin American nations are beyond asking why they should legalize, and are now struggling to understand how best to do so.
Thus, experts from each ICA Member – VicenteSederberg, Hoban Law Group, Steep Hill Labs, Simplifya, New Frontier Data, TheraCann, Mountain Medicine, and Lift – spent the day discussing socioeconomic implications and lessons learned pertaining to what is expected to shape up in Latin America as regions, not only nations any more, enter the global cannabis race.