On June 20, the Official Gazette of the Federation published the law that allows the use of marijuana for therapeutic purposes in Mexico, which was approved by the congress last April.
Given this, many companies have shown interest in entering the market in Mexico, however it will not be until the end of the year when the complete regulations about the places where it can be acquired or about who can produce it will be known.
One of the companies interested is HempMeds Mexico, a subsidiary of Medical Marijuana Inc. An American company that will now seek to convert Mexico into a power in research and development of medical marijuana.
HempMeds got permission in October 2016 to market its hemp oil with cannabis for the treatment of neurodegenerative problems by the Federal Commission for Protection against Sanitary Risks (Cofepris), which showed its first interest in entering Mexico.
Now the company will have its first main office in the country, which will be located in the city of Monterrey, Nuevo Leon, and will be operated by Raul Elizalde, one of the promoters of the reforms for the use of medical cannabis.
The company will seek to convert Monterrey into the cradle of medical cannabis in the country, since they have all the necessary resources in the state of Nuevo Leon, and according to statistics, Mexico would represent a market between 2 billion and 5 billion Dollars per year.
According to Elizalde, the company will seek to develop medicines, register and sell them to all Latin America from its base in Mexico, however they still have to wait for the final regulation of cannabis use in the country.
In the United States, medical and recreational marijuana is available in several commercial places, but in Mexico that will not be possible due to the rules of the Ministry of Health and Cofepris.
The company said that for the moment they are waiting for the regulation for production and development, since they have more than 100 products, from beauty to foods that do not have THC, which they could begin to import immediately.
Similarly, the Grace Foundation, one of the driving forces behind the reforms to the use of medical marijuana in Mexico, will continue to seek to meet with the country’s health authorities to provide counseling to families in need of treatment with therapeutic cannabis, and also to give talks to doctors, among other things.