Mexico: medical cannabis could be worth $2 billion in ten years' time

Mexico has approved the legalization of cannabis for therapeutic purposes last spring. According to the expert firm KPMG, the new booming medicinal cannabis market in Mexico could generate $2 billion in ten years, a figure echoed by a local newspaper.

HempMeds, a California company based in San Diego specializing in cannabis-based products cannabidiol (CBD) received the first license to import CBD for Mexican patients. These products will be prescribed to all patients who need them to treat their illness, especially those suffering from‘epilepsy.

Furthermore, Hempmeds is a subsidiary of the company Medical Marijuana Inc, and established itself in the medical cannabis industry in Mexico.

Fausto Ávila, a health expert at KPMG, stated: «Today, a medication costs between 6,000 and 7,000 pesos (between 285 and 300 euros). One of the advantages of the medicinal cannabis production industry in Mexico is that prices will fall for patients, and it should cost around 3,500 pesos (166 euros).».

Cofepris, a health agency in Mexico, has approved cannabidiol oil because it does not contain THC, the psychoactive ingredient in cannabis. They explain that «the health authority will grant authorization to import medical cannabis products, including derivatives. The products will be marketed in pharmacies.»

Cofepris and the Ministry of Health are the Mexican institutions responsible for encouraging clinical research and production. Current regulation is in charge of the therapeutic use cannabis market only. The cultivation of cannabis in Mexico «occupies the base of this flourishing cannabis industry,» explain experts.

It is with this in mind that the Mexican health agency Cofepris indicated that the harmonization of regulations will be required for the therapeutic use of cannabis in the country. And sooner rather than later?

Mehdi Bautier