COWEN COLLABORATIVE INSIGHTS February 25, 2019 s Latin American Landscape Chile Medical cannabis has been legal in Chile since 2017 following a pilot program conducting scientific research that began in 2014. A consortium of non-for-profit organizations, most notably the Daya Foundation, ran this program. They treated over 1,000 patients in the first year of operations. Following the regulatory change in 2017, imported medical cannabis products were available from pharmacies. Product authorization and cultivation licenses are required to grow and distribute medical cannabis products in country. The Agricultural and Livestock Service of Chile governs these licenses. Chile also permits home-grow, which is popular in the country and the region. Dayacann (part of Daya Foundation) was the first company to receive a license to cultivate medical cannabis in Chile. Khiron Life Sciences entered an MOU with Dayacann in January 2019 to further expand into the Chilean market of around 1.8 million patients. In 2018, Tilray entered a partnership with Alef Biotechnology (now Tilray Latin America) for distribution in Chile and Brazil, and recently received a license to cultivate and process medical cannabis products. Two Tilray products, T100 and TC100 were approved for prescription in 2016. Canopy Growth’s Spectrum Cannabis Chile is also operating in Santiago focused on medical research and patient outreach. Hemp production has been part of Chile’s history, dating back to the 1500s, and has remained legal. There have been provisions in Chilean law to differentiate between cannabis and hemp. Despite its legality, there are not many hemp farms in the country. Chile hosts Expoweed, a hemp trade show, that is Latin America’s biggest hemp event. With the land and history, the country has positioned itself for growth as demand for hemp-based products increase. Colombia Colombia is becoming a Latin American hub for cannabis cultivation due to favorable climate and cost of production. Th