The Medicinal Cannabis (R)evolution

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These views were confirmed in the 2018 Latin American Cannabis Report by the Cannabis Consultancy Research Group, Prohibition Partners, which identified a number of the unique benefits which the Latin American and Caribbean region which would facilitate the development of the industry (see Figure 3). Most of these benefits have been associated with the relatively high cost of cultivation in many advanced countries due to the cost of indoor cultivation relative to the low cost alternatives available in the region.

Figure 3: Potential Strengths and Barriers to the Cannabis Industry in the Region

Extracted and modified from the LATAM Cannabis Report: Prohibition Partners

Given the region’s small population and limited prospective patient base, local demand is unlikely to yield significant economic benefits relative to the larger and advanced economies in Europe and North America. Accordingly, the export market has been targeted as the most viable. Without this ability to export to larger markets, new cannabis businesses may not be profitable, or be able to expand. In this regard, the inclusion of an export license framework, as part of the legislation in St Vincent and the Grenadines is deemed commendable. The development of an export market will, however, require a well-regulated framework which should encompass licensing and best