However, final approval only came on February 28 when the Federal Commission for Protection against Sanitary Risks (Cofepris) granted authorization to Xebra. This week the company received the final communication from the supreme court.
The firm detailed in a statement that there are no restrictions on where you can grow cannabis in Mexico nor on the size of farming facilities or the volume of processing and manufacturing operations.
In the past, the firm told the Reuters news agency that it was looking for land in the Mexico statein the center of the country, and in Mérida, in the Yucatan Peninsulato grow the plant and erect an extraction facility.
“This represents an important moment for cannabis globally with the first authorization for full cultivation, harvesting, processing and commercial activities for a company in Mexico,” said Jay Garnett, CEO of Xebra Brands, quoted in a statement. of the signature
In an interview with Reuters in late 2021, Xebra Chairman Robert Giustra said the permits will pave the way for marijuana legalization and place Mexico as the most important player in this industry in North America.
Earlier that year, Mexican legislators approved a law to decriminalize cannabis for recreational, scientific, medical, and industrial uses, a milestone in a country plagued by violence linked to drug cartels. However, the rule has been stuck in the Senate.
Some players in the fledgling but million-dollar legal cannabis industry such as Khiron Life Sciences, Canopy Growth and The Green Organic Dutchman, from Canada; and a unit of the Californian Medical Marijuanahave expressed their desire to enter Mexico.
According to recent reports, the global market for legal marijuana could reach $73.6 billion by the year 2027 and Mexico, with its 126 million inhabitants, would rank as the largest square in terms of population.