Xebra Brands will produce and market cannabis products
The Mexican subsidiary of the producer and marketer of cannabis-derived products, Xebra Brands, will invest around 3 million dollars in Mexico for the planting and producing of industrial cannabis, said Rodrigo Gallardo, president of the company.
In an interview with El Sol de México, the executive pointed out that the cannabis market in Mexico is entirely new and that they do not have a specific amount on how much money they will invest in total.
“Talking about investment is a complicated issue because it is a new industry, but we will start with a budget of 3 million dollars,” assured Gallardo.
He explained that another investment they plan to make is the alliance with different sectors of the Mexican economy to strengthen the industry, where the pharmaceutical sector will be key.
On a critical day, August 25, the Third Collegiate Court in Administrative Matters of Mexico City definitively resolved the amparo in favor of the Mexican subsidiary of Xebra Brands so that the Federal Commission for the Protection Against Sanitary Risks (Cofepris) grants it the first authorization to plant, harvest, produce and market industrial cannabis.
Through a statement, the company indicated that, in accordance with the legal procedure, the sentence of this body of the Judicial Power of the Federation would be forwarded to a federal judge, who will require the Sanitary Regulation Agency to comply.
The ruling in favor is due to compliance with a Court ruling. “There are no more legal steps to jump through,” said Xebra CEO Jay Garnet.
In this regard, Rodrigo Gallardo said that they hope that by the second half of September, it will be when Cofepris grants the permit, and they can start operating in Mexico.
Regarding short-term plans, Gallardo commented in an interview with this newspaper that they hope to grow in Mexico, given that the country can become the main producer of cannabis precisely because the soil and land conditions are optimal for planting.
The major issues for the further development of the pharmaceutical market will be discussed at the Mexican Pharmaceutical Forum that will be organized by the Global Pharmaceutical Leaders’ Club on the 29-30th November 2022 in Mexico City. Secure your delegate place ASAP! Registration is here: https://mexicanpharmaforum.com/registration/
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