Consumer products containing cannabis will reportedly arrive in 40,000 Mexican pharmacies beginning the third week of August, according to Guadalajara daily Milenio.
Behind this milestone are Mexican companies such as CBD Life. Earlier this year, the Federal Commission for Sanitary Risk Protection permitted the venture to sell goods containing CBD, a chemical found in cannabis.
Moving forward, CBP Life will soon release its first five commercial items.
“We are coming out with these cosmetic products in what we consider to be the most agreeable way of introducing them to the market,” said Janko Ruiz de Chavez, director of operations.
One of these items is Mariguanol, a CBD-infused massage oil that has been two years in the making. Depending on future regulations, the business intends to release its 16 remaining articles as tinctures, drinks, and gummies.
“They are part of the 38 permits that were given,” said Iker Ruiz de Chave, general director. “CBD Life has been working with authorities for more than three years seeing how they develop regulations. As the first Mexican company that’s integrating these sort of products to formal channels, we hope to do well in the market.”
Derived from hemp, cannabidiol has therapeutic properties capable of alleviating pain, discomfort, stress and insomnia. Unlike marijuana containing high levels of THC, CBD doesn’t have any psychoactive effects.
CBD Life also plans to export its products to the United States and Canada.
Industrialized marijuana and subsequent economic benefits among its northern neighbors have certainly stoked the interest among Mexican authorities to reform national policy.
Potential
By 2025, the global marijuana industry could be worth US$116 billion. To participate in this growing area, the Mexican Senate recently discussed the possibility of transforming the country into one of the world’s top marijuana and hemp producers.
According to market research firm Euromonitor, Europe and North America will most likely dominate the legal weed economy for the foreseeable future. However, more Latin American countries will gradually join the competition.
While Mexico has been considering legalizing recreational marijuana for some time, Euromonitor says there’s untapped market potential for industrial cannabis. Sources say the Mexican sector could be worth around US$2 billion over the next 10 years.
Out of 100 nations that Euromonitor has examined, Mexico ranks eighth in terms of prospective market strength for marijuana. Factors taken into consideration are its pre-existing rates of tobacco, alcohol and marijuana consumption in relation to population, income and state legality.
Industries including beverage, tobacco, beauty, packaging and personal wellness could all prospectively incorporate marijuna and/or hemp into operations.
Despite the progress in identifying economic incentives, though, recreational marijuana usage isn’t on the current agenda. “Right now, what the legal framework permits are products with less than 1 percent THC,” said Ruiz de Chavez. “We will see how the regulation develops but it is impossible to talk about other issues such as recreational use.”
On a statewide level, Jalisco could be Mexico’s second-most valuable marijuana market following Mexico City. The state has a large percentage of citizens suffering from arthritis, depression, diabetes, epilepsy, Alzheimer’s, cancer and Parkinson disease. All of these are ailments that CBD and THC can allegedly alleviate. Within Jalisco are also startups like Canncura Pharma that aspire to legalize medicinal marijuana. Some of its plans range from establishing dispensaries with products to an application for patients to consistently communicate with doctors.
Meanwhile, the firm is observing other established industries for guidance. “We’re looking at products in Canada, Spain and Switzerland,” said Raul Castaneda, CEO of Canncura Pharma. “Some of what we’re observing are tinctures, vaporizers, extracts, creams, or whatever product that fulfills the standards that we’re looking for.”