Why it matters:
Chile has a long history of hemp and cannabis cultivation and has legalized medical cannabis, making it a significant player in the cannabis industry in Latin America. However, the country has not yet decriminalized cannabis for non-medical use.
What they are saying:
Chile was the first South American country to establish a medical cannabis program, with the Daya Foundation being the largest medical cannabis grow in Latin America. Patients in Chile now have access to medical cannabis products from Canada through a partnership with Alef Biotechnology. Despite efforts to decriminalize cannabis for personal use, progress has been stalled.
The big picture:
Chile has a high rate of cannabis use, with 14.5% of residents reporting cannabis consumption in the past year. While there is support for cannabis decriminalization among delegates at the constitutional convention, Chileans recently voted against a new constitution that could have facilitated further legalization efforts.
What to watch:
It is uncertain when Chile will finalize plans for the decriminalization of cannabis for non-medical use. However, the constitutional convention delegates show support for decriminalization and home cultivation, indicating a potential shift in the future.
My take:
Chile’s long history of hemp and cannabis cultivation, coupled with its pioneering medical cannabis program, highlights the country’s potential in the cannabis industry. However, the lack of progress in decriminalization efforts poses challenges for broader cannabis market development. It will be interesting to see if future constitutional changes or legislative actions lead to further cannabis legalization in Chile.
