Brazil’s Medical Cannabis Market Increased By 22% In 2024
According to a new market report by Kaya Mind, Brazil’s emerging medical cannabis market is projected to increase by a projected 22% by the end of 2024. The market report estimates that Brazil’s medical cannabis market is worth roughly BRL 832 million ($142 million).
Kaya Mind estimates that Brazil is now home to about 672,000 medical cannabis patients, which is a 50% increase compared to 2023. The market researchers estimate that only one-third of those patients currently make their purchases legally through the nation’s pharmacies and another 22% access medical cannabis products through collectives.
According to leading international cannabis economist Beau Whitney, the overall region’s growing cannabis market is worth a considerable amount of money.
“Central and South America together are an $8 billion total market; however, its low-cost manufacturing and drive towards EU GMP and GAP certifications is making the region an attractive source of supply for the EU.” Whitney stated in a recent newsletter.
Whitney’s analysis was originally provided as part of his presentation at the inaugural Andean Hemp and Cannabis Trade Summit in October where he presented on the Central and South American hemp and cannabis markets.
In addition to the overall market value analysis, Whitney Economics also provided the following market information:
- Five countries in Central and South America make up 89% of the regional demand
- Brazil is home to the largest domestic market ($2.5 billion)
- Total Central and South American market demand requires 6.3 million pounds of cultivated output
- Peru is an estimated $0.8 – $2.2 billion domestic market
- Peru’s hemp industry has strong opportunities in fibers, grains, and isolated cannabinoids
Brazil’s Superior Court of Justice recently ruled that cultivating, processing, and selling industrial hemp for medical and pharmaceutical uses is legal in Brazil. The decision will eventually increase options for the nation’s suffering patients.
“While the ruling is a significant victory for the medical cannabis community, Justice Regina Helena Costa emphasized that the court’s decision was limited to health-related applications.” reported Benzinga in its initial coverage of the landmark decision.
Additionally, Brazil’s National Health Surveillance Agency recently decided to amend Ordinance SVS/MS 344/1998 to allow the regulation of medical cannabis products for animals by the Ministry of Agriculture and Livestock.
Veterinarians who are approved by the nation’s Federal Council of Veterinary Medicine may prescribe registered cannabis-based medications to animals. A study from December 2022 conducted by researchers in Brazil found that, at the macro level, cannabis appears to be safe for pets, especially cannabidiol, as long as it’s administered in the right dosage level.
“The review was systematically performed in Medline (via Pubmed®) and Latin American and Caribbean Health Sciences Literature (LILACS) databases, with period restriction (between 1990 and 2021). The qualified articles (n=19), which met the previously established inclusion criteria, were critically evaluated.” stated the researchers about their study.
“Based on the literature review, it is possible to infer safety in the administration of cannabis-based products for the treatment of dogs, especially products rich in cannabidiol (CBD), free or with low concentrations of tetrahydrocannabinol, under the conditions evaluated. In addition, CBD products potentially promote improved quality of life and reduce pain perception in animals affected by canine osteoarthritis.” the researchers also stated.
“Finally, owing to the lack of large-scale and robust clinical research studies, the performance of clinical trials, considering the individual characteristics of each cannabis-based product (composition, concentration, nature of adjuvants, dosage form, route of administration), is strongly encouraged.” the researchers concluded.
