Cannabis: market revenue Latin America 2016-2028

The revenue of the cannabis market in Latin America was forecast to continuously increase between 2024 and 2028 by in total 1.1 billion U.S. dollars (+75.17 percent). After the twelfth consecutive increasing year, the indicator is estimated to reach 2.7 billion U.S. dollars and therefore a new peak in 2028. Notably, the revenue of the cannabis market was continuously increasing over the past years.

Revenue of the cannabis market in Latin America from 2016 to 2028 (in million U.S. dollars)

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Supplementary notes

Data provided by Statista Market Insights are estimates.

The cannabis market comprises the sale of various products made of cannabis to both private end consumers and healthcare entities in all the countries where these products were legalized. It covers three markets: recreational cannabis, medical cannabis, and therapeutic cannabis. The geographical scope varies depending on the exact cannabis product as not all types of cannabis are legalized in each country. For example, in Germany, the medical and therapeutic use of cannabis is legal, whereas recreational use is not legal.

The cannabis market can be considered from three different application perspectives, spiritual purpose, health condition management, and wellness management.

The recreational cannabis market includes the consumption of cannabis for non-medicinal reasons, such as boosting physical performance, pursuing creative activities, and experiencing spirituality. Recreational cannabis can be consumed in the form of extracts, dried cannabis, edibles, and beverages.

The medical cannabis market includes cannabinoid-based medicine, either licensed or unlicensed, which is supplied through the healthcare system and prescribed by a doctor with the primary focus of mitigating serious disease symptoms. It can include higher tetrahydrocannabinol (THC) levels of cannabidiol (CBD).

The therapeutic cannabis market covers cannabinoid-based therapeutic products with low THC levels. These products are used for medicinal purposes and are intended to improve the quality of life, e.g., by reducing stress and/or anxiety. Prescribed and non-prescribed products are included in our scope and can be consumed through oils, capsules, topicals, e-liquid, edibles, and flowers.

The key players in the industry include Trulieve, Tilray, Aphria, HEXO Corp and others.

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