Biggest Latin American Market Is Legalizing Cannabis
With the ever so growing popularity of medicinal cannabis, the number of countries legalizing it is also on the rise. Latin America is giving in to this popularity, and with Uruguay’s legalization in 2013, Colombia’s in 2015, and Mexico’s current steps in the same direction, Brazil is next in line to change its laws in regards to medicinal cannabis.
The biggest Latin American country has decided to approve the use of cannabis-based products, but only registered pharmacies will be allowed to sell those products to patients who have a prescription.
Moreover, Brazil will release a list of regulations for cannabis-based products in the country’s official newspaper in the following days. Still, Anvisa, Brazil’s pharmaceutical regulator, said that it would take 90 days for the regulations to come into effect.
Be careful, though. Despite the fact that cannabis-infused products will be legalized in Brazil, the growing of marijuana still remains illegal. On the other hand, specific companies are allowed to grow industrial hemp.
Since 2015, the use of medicinal cannabis in Brazil has been possible only with two kinds of prescriptions:
- Prescription A — for products that have above 0.2% THC; available only for terminally ill patients;
- Prescription B — for products that have below 0.2% THC.
Unfortunately, this method of acquiring medicinal cannabis was far too expensive.
Brazilian citizens aren’t the only ones getting excited about cannabis legalization, though. Huge corporations also see an opportunity to expand their businesses.
After all, Brazil is the largest market in Latin America, with 208 million people. The patient network for medical cannabis is expected to reach $229 million, so, naturally, Khiron Life Sciences Corp. welcomed the news on the legalization with the hopes of high profits. The company is already fully licensed in Colombia.
To sum up, the legalization of medical cannabis is great news for all the patients, and it also opens new avenues for cannabis companies to get hold of the biggest Latin American cannabis market. Fierce competition is expected, and hopefully, it will mean patients will have a wider choice.
Let the “high” games begin!