Mexico - Latin America Legal Marijuana Market Size & Outlook
Mexico - Latin America Legal Marijuana Market, 2018-2030 (US$M)
Global Market
Related Markets
Mexico legal marijuana market highlights
- The Mexico legal marijuana market generated a revenue of USD 14.3 million in 2023 and is expected to reach USD 230.0 million by 2030.
- The Mexico market is expected to grow at a CAGR of 48.6% from 2024 to 2030.
- In terms of segment, adult use was the largest revenue generating application in 2023.
- Adult Use is the most lucrative application segment registering the fastest growth during the forecast period.
Legal marijuana market data book summary
| Market revenue in 2023 | USD 14.3 million |
| Market revenue in 2030 | USD 230.0 million |
| Growth rate | 48.6% (CAGR from 2023 to 2030) |
| Largest segment | Adult use |
| Fastest growing segment | Adult Use |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Medical Use, Adult Use |
| Key market players worldwide | Canopy Growth Corp, Aurora Cannabis Inc, Tilray Brands Inc, MediPharm Labs Corp, The Cronos Group, Wayland Group Corp, OrganiGram Holdings Inc, Lexaria Bioscience Corp, GW Pharmaceuticals |
Other key industry trends
- In terms of revenue, Mexico accounted for 0.1% of the global legal marijuana market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Latin America, Mexico legal marijuana market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in Latin America and is projected to reach USD 230.0 million by 2030.
Medical use of marijuana has been permitted on select basis since 2015. However, it was legalized in Mexico on 19th June 2017. The medical marijuana program is in its nascent stage and the Ministry of Health has been assigned by the government of Mexico to create regulations and criteria for the program.
In addition, number of diseases such as cancer, autism, and Alzheimer’s disease have increased in the past few years. Therefore, legalization of medical marijuana in Mexico is expected to drive the market over the forecast period.
One of the criteria laid out is that all medications to be consumed should contain only 1% Tetrahydrocannabinol (THC) or lower. Moreover, people in Mexico are conservative compared to that in the U.S. and use of marijuana for adult use is highly stigmatized.
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Legal Marijuana Market Scope
Legal Marijuana Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Aurora Cannabis Inc | View profile | 1,130 | 3498 63 Avenue, Leduc, AB, Canada, T9E 0G8 | www.auroramj.com |
| Canopy Growth Corp | View profile | 1,621 | 1 Hershey Drive, Smiths Falls, ON, Canada, K7A 0A8 | www.canopygrowth.com |
| Tilray Brands Inc | View profile | 1,600 | 265 Talbot Street West, Leamington, ON, Canada, N8H 5L4 | www.tilray.com |
| The Cronos Group | View profile | 1001-5000 | Kontich, Antwerpen, Belgium, Europe | cronos-groep.be/ |
| OrganiGram Holdings Inc | View profile | 987 | 145 King Street West, Suite 1400, Toronto, ON, Canada, M5H 1J8 | www.organigram.ca |
| MediPharm Labs Corp | View profile | 166 | 151 John Street, Barrie, ON, Canada, L4N 2L1 | www.medipharmlabs.com |
| GW Pharmaceuticals | View profile | 51-100 | Histon, Cambridgeshire, United Kingdom, Europe | gwpharm.com |
| Wayland Group Corp | View profile | - | 845 Harrington Court, Unit 3, Burlington, ON, Canada, L7N 3P3 | www.waylandgroup.com |
| Lexaria Bioscience Corp | View profile | 3 | 740 McCurdy Road, Suite 100, Kelowna, BC, Canada, V1X 2P7 | www.lexariabioscience.com |
Mexico - Latin America Legal Marijuana Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Legal Marijuana Market Outlook will help companies and investors design strategic landscapes.
Adult Use was the largest segment with a revenue share of 59.44% in 2023.
Horizon Databook has segmented the Mexico - Latin America legal marijuana market based on medical use, adult use covering the revenue growth of each sub-segment from 2018 to 2030.
Medical use of marijuana has been permitted on select basis since 2015. However, it was legalized in Mexico on 19th June 2017. The medical marijuana program is in its nascent stage and the Ministry of Health has been assigned by the government of Mexico to create regulations and criteria for the program.
In addition, number of diseases such as cancer, autism, and Alzheimer’s disease have increased in the past few years. Therefore, legalization of medical marijuana in Mexico is expected to drive the market over the forecast period.
One of the criteria laid out is that all medications to be consumed should contain only 1% Tetrahydrocannabinol (THC) or lower. Moreover, people in Mexico are conservative compared to that in the U.S. and use of marijuana for adult use is highly stigmatized.
- Mexico - Latin America Legal Marijuana Market Application Outlook (Revenue, USD Million , 2018-2030)
- Medical Use
- Adult Use
- Mexico - Latin America Legal Marijuana Market Product Outlook (Revenue, USD Million , 2018-2030)
- Flower
- Oil and Tinctures
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Horizon Databook provides a detailed overview of country-level data and insights on the Mexico - Latin America Legal Marijuana Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into Mexico - Latin America Legal Marijuana Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Mexico - Latin America Legal Marijuana Market, 2018-2030 (US$M)
Mexico legal marijuana market statistics, by application, 2018-2030 (US$M)
