Recently, Aurora Cannabis said it will supply medical cannabis to Mexico through a partnership with pharmaceutical manufacturer and distributor Farmacias Magistrales.
Now, thirty-eight cannabis products have been authorized by the Mexican Federal Commission for the Protection Against Sanitary Risks (COFEPRIS) are expected to be available through retail and online channels within a month.
Seven companies – four from Mexico, two from the United States and one from Spain – received approval for their goods, which include:
- 21 food supplements
- Nine cosmetics products
- Six edibles or beverages
- Two raw materials
As of Nov. 21, COFEPRIS – the Mexican equivalent of the U.S. Food and Drug Administration – had received 51 product applications, and five have already been rejected.All of the approved products in this first round contain no or minimal (less than 1%) THC and can be sold without a prescription or special authorization.
A complete list of the companies and their registered products can be found here.
“With Medical Cannabis now legal in Mexico and Argentina, there is tremendous opportunity for growth. We believe that RCS under the leadership of Rafael Salvia will best monetize the opportunity for PSIQ. Mr. Salvia has an excellent track record of success and we have total confidence in his abilities and commitment,”
stated Dan Oran, CEO of PSIQ.
Julio Sanchez y Tepoz, federal commissioner of COFEPRIS, said at a news conference the agency is committed to approving additional applications in a timely manner.
“These authorizations were issued under the guidelines recently published by COFEPRIS,” said Jose Alberto Campos Vargas, an attorney with Mexico-based law firm Sanchez DeVanny.
What Does This Mean For Marijuana Stocks?
The 3 main Cannabis companies who will benefit from this are Aphria, Profile Solutions Inc, & Aurora.
“This transaction positions Aurora with exclusive access to supply THC-containing medical cannabis to a large market of more than 130 million people, while also enabling us to capture the full margin of the medical cannabis we sell there,”
Terry Booth, CEO of Aurora, said in a statement.
Taking the lead from Aurora, Profile Solutions, Inc. (OTC Pink: PSIQ) announces it is now expanding into Mexico, Argentina, Brazil, Israel, Chile, and Paraguay. PSIQ is on the path toward significant revenue growth in 2019 as compared to 2018 from this recent expansion of its product line. The Company has made significant investment in development of its nationwide distribution infrastructure and expects this forward movement to continue. This trend is even potentially more impactful with President Trump signing of the 2018 Farm Bill. The 2018 Farm Bill removed CBD derived Hemp from the Schedule 1 drug list and makes Hemp CBD Federally legal for use, interstate transporting, and export. Hemp based CBD with under .3% THC (the psychoactive ingredient in marijuana) has proven to be medically beneficial in a regimen of wellness and pain relief programs.
Dan Oran, CEO of PSIQ stated,
“We believe PSIQ is in the right place at the right time by offering a variety of Hemp based CBD products under our proprietary formulation. We have previously made several announcements including but not limited to (1) strong revenue growth to date (2) the filing of our Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) as the first step to becoming an SEC reporting company and up listing to the OTCQB (3) receiving preliminary approval from the eSwatini Ministry of Economic Planning and Development to establish an exclusive growing farm and processing plant for medical Cannabis & Hemp in The Kingdom of eSwatini
Wall Street Journal releases news that PSIQ is entering Brazil as well.