It appears that the 21st century is poised to dispel the prejudices that have always surrounded cannabis.
Since the declaration of the war on drugs in 1970, the use and consumption of cannabis had been demonized until the progress of technology, science, and society in general allowed us to verify that marijuana has medicinal and therapeutic properties for the treatment of various diseases and ailments.
In more than thirty countries, its use for medical and therapeutic purposes has been legalized, with Israel, Uruguay, and the Netherlands being pioneers in the industry. However, it is only with the intervention of the United States and Canada in the market that we can truly say the industry has exploded and will continue to grow, not only through its use for medical purposes but also more restrictively by allowing recreational use for adults.
Annually since 2012, the United States has hosted MJBizCon in Las Vegas, Nevada. This is the world’s largest marijuana conference, attracting over 35,000 executives and employees from the international cannabis sector, representing operations from cultivation, extraction/processing, manufacturing, retail sales, seed sales, and non-governmental organizations in cannabis management. The event also caters to executives not directly involved in the production chain, including entrepreneurs, start-ups, private equity investors, and lawyers; an event I had the pleasure of attending this year.
It is no coincidence that governments worldwide seek to regulate this industry, as it holds enormous potential for a market valued in the millions of dollars. For Costa Rica, it remains a relevant market, as a study conducted by the Foreign Trade Promoter (PROCOMER) revealed that by 2025, the hemp and medicinal cannabis market could generate $35 billion annually worldwide. Additionally, by 2030, the total value of the medicinal cannabis industry is projected to reach $53.883 billion (Grand View Research). This is particularly attractive for economic reactivation and the country’s growth, considering that Costa Rica’s GDP amounts to $64 billion, with a 7.8% recovery in 2021.
Thousands of investors are interested in breaking into this new industry, which, for our country, represents growth far superior to that of traditional sectors and opens new opportunities for the expansion of companies already established internationally in cannabis and hemp, as well as for new entrants diversifying their business.
This industry poses a significant challenge for both the scientific community in the development of medicines and for society in general, which must educate people on the correct use of cannabis for medical and recreational purposes to achieve absolute success in its development. We cannot overlook the substantial commitment the country is making and what it means for economic reactivation, job creation, and the positioning of the Essential Costa Rica brand in this industry globally.