A subsidiary of a Mexican Canadian firm Xebra Brands He became allows the first company to obtain the authorities of Latin American countries to grow, processes, products and markets dope for industrial purposes, the Canadian-registered firm said Thursday.
At the end of 2011 the supreme court Xebra’s subsidiary in Mexico, Desart MX, became the first company in its country to import, cultivate, process, manufacture, sell and export cannabis seeds with 1% or less THCa psychotropic plant substance.
However, the final approval came only on February 28 when the Federal Commission for the Protection against Sanitary Risks (cofepris) Xebra was granted. This week the company received a supreme communication from the Supreme Court.
The company will have no restrictions on the cultivation of cannabis REUTERS/Carlos Jasso/File Photo
The firm expressed in the statement that there are no restrictions on where you can grow cannabis in Mexico or on the size of the cultivation facilities or on the volume of processing and manufacturing operations.
Once, the firm told Reuters that it was looking for land in Mexico City, in the center of the country, and in Meridain the eastern Yucatan Peninsula to cultivate a plant and build an extraction facility.
“This represents an important moment for cannabis globally, with the first license to fully cultivate, harvest, process and commercialize the company’s operations in Mexico,” said Jay Garnett, CEO of Xebra Brands, in a statement.
The global market for legal marijuana could reach 73.6 billion dollars by 2027 PHOTO: CRISANTA ESPINOSA AGUILAR / CUARTOSCURO.COM
Afterward Cofepris issued with Ministry of the Interior (Segob) where he stated that he was forced to issue the power, but “there was not enough evidence to determine that this product is safe for the purposes that the multinational company intends to use.”
A government source told Reuters the firm was quoted in the statement.
“Due to the serious health risk that this kind of authority represents (…) they were” filed complaints and non-conformity appeals (…) to whom It aims to convert and weaken the power to protect the safety of peopleCofepris and Segob
In an interview with Reuters at the end of 2021, then-Xebra President Robert Giustra He said that he would allow Mexico to pave the way for the sale of marijuana and invest in that industry in North America.
Earlier this year, Mexican lawmakers approved a law to decriminalize cannabis for recreational, scientific, medical, and industrial uses, a milestone in a country violently linked to drug cartels. But the leadership is stuck in the Senate.
Mexican Government Grants $XBRA Brands the first-ever cannabis authorizations for the cultivation, production, and national commercialization of #cannabis products.
The Mexican FDA, COFEPRIS officially issues corporate cannabis authorizations, among other approvals.
— Xebra Brands (@XebraBrands) March 9, 2023
Some players in the fledgling but multi-million dollar legal cannabis industry include Khiron Life Sciences, Canopy Growth, and Dutch Green Organics, from Canada; and the Californian Medical Marijuana unit, have expressed their desire to enter Mexico.
According to recent reports, the global legal marijuana market could reach 73.6 billion dollars by 2027 and Mexico, with its 126 million inhabitants, will be the largest market in terms of population.