“As pioneers in Mexico’s cannabis industry, we are excited to announce the official opening of our new Mexico City office, which reinforces our strong footprint in the country alongside our current offices in Monterrey that have been operational since 2017,” said Raul Elizalde, President of HempMeds® Mexico and Latin America. “This new office’s main purpose will be to provide the public with guidance on cannabidiol (CBD) products that the Company offers to the Mexican market, the advantages that these products have over other CBD products, and relevant information about how to talk with medical professionals about using CBD for therapeutic purposes.”
According to Grandview Research, Mexico’s medical cannabis market size was valued at $47.3 million in 2018. Arcview Research estimates that if cannabis becomes recreationally legal in Mexico, the country’s medical and recreational cannabis markets combined could be worth more than $1 billion by 2024.
Since the establishment of HempMeds® Mexico, the company has worked to promote access to CBD products by supporting nonprofit organizations that help provide quick access and by working with the government to establish an importation process that allows patients to get Real Scientific Hemp Oil-X™ (RSHO-X™) with ease. HempMeds® Mexico was the first company to receive a COFEPRIS federal government import permit for a cannabis product, RSHO-X™, for a medical indication and continues to collaborate with local authorities, health professionals and the general public to promote the entire industry and its potential to positively impact the country’s economy.
“We’ve worked tremendously hard to bring CBD to Mexico and our success there has been recognized globally for our growth and innovation,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We are optimistic that this new office will allow us to expand our business in the country more than ever before and educate citizens and public officials on the differences between hemp and marijuana.”