The legalization of medical marijuana continues to spread all across the world. Ever since Canada went legal and in a landmark development. The powers that be in Brazil have laid the foundations for legalizing the cultivation of medical marijuana. Cultivation could begin at some point this year. However, only after the National Sanitary Surveillance Agency gives approval.
Research On Medical Marijuana
Now that the approval has been given. A consultation period of 60 days will commence. And during this course, it will be determined whether Brazil is prepared to cultivate marijuana. Under the provisions of the legislation, interested parties will also be allowed to conduct research on medical marijuana. Once the consultation is done, the framework for marijuana cultivation is going to be submitted. And then it will be up to the agency to sign it into law.
Experts believe that the demand for medical marijuana in Brazil will be high in volume. Many companies in North America are already feeling optimistic about this transition. Medical Marijuana Inc’s Brazilian subsidiary HempMed Brasil, which is involved in hemp production, has expressed is keenness to get into cannabis production in Brazil.
The president of the agency, William Dib has stated that the legislation could be cleared by the end of 2019. Dib went on to state that any firm that has its own land can start cultivating medical marijuana as soon as the legislation is passed. Cultivators would only be able to supply to pharmacies that have been registered with the relevant agencies and to research institutions, while the entire ecosystem will be regulated by the National Sanitary Surveillance Agency.
More importantly, the illegal marijuana market in Brazil is valued at $2.8 billion and hence legalization could help companies tap into one of the biggest marijuana markets in the world.