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 in the country. Cultivation could begin at some point this year only after the National Sanitary Surveillance Agency gave approval to the legislation pertaining to the legalization of medical marijuana cultivation in South America’s biggest economy.
Research On Medical Marijuana
Now that the approval has been given, a consultation period of 60 days will commence during the course of which it will be determined whether Brazil is prepared to cultivate marijuana for medicinal purposes. 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 medical marijuana cultivation is going to be submitted to the National Sanitary Surveillance Agency and then it will be up to the agency to sign it into law.
Experts believe that the demand for medical marijuana will be high volume in Brazil and many companies in North America are already feeling optimistic about the prospects of venturing into the country. 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.
Although the process seems a but tedious, the president of the agency, William Dib has already 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 and the necessary infrastructure 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.