Medical cannabis was legalized in Mexico in June, and U.S. company HempMeds jumped on the news by opening its first office in Monterrey, Mexico.
Medical Marijuana, Inc., parent company of HempMeds Mexico, recently made national news as families went public with dramatic results in treating their children’s life-threatening health conditions with HempMeds’ Real Scientific Hemp Oil (RSHO-X™), which contains no THC.
Now the company is making international news for opening its Monterrey, Mexico office, which will serve as the hub for distribution of RSHO-X™ to Mexican distributors and patients.
Mexico legalized the cultivation, production, and use of cannabis products with less than one percent THC for medical use when President Pena Nieto signed a bill into law on June 19.
Mexico represents a potential $1 to $2 billion cannabidiol (CBD) hemp oil market over the next ten years for Medical Marijuana, Inc, part of an anticipated upward global trend for the industry to reach $63.5 billion by 2024. The company plans to invest over three million dollars in scientific research, product development and educative programs for health professionals by 2019.
The new Monterrey HempMeds Mexico office is another history-making chapter in the story of Mexico and San Diego-based Medical Marijuana, Inc.
In 2015, HempMeds product RSHO-X™ was the first cannabis product approved for import by the Mexican federal government. The import was approved after Medical Marijuana, Inc. and nonprofit partner the Por Grace Foundation popularized the story of eight-year-old Grace Elizalde, the first patient in Mexico to legally access and use CBD oil for her epileptic seizures.
Grace’s father Raul Elizalde, who started the Por Grace Foundation, has been appointed president of HempMeds Mexico. Raul joined President Nieto on stage last April as the leader announced the country would pursue medical cannabis reform.
Medical Marijuana, Inc. CEO Dr. Stuart Titus said in a statement, “We are confident that Raul’s vast experience and diligent work for many years to make the therapeutic use of cannabinoids legal in Mexico will help our company . . . navigate the country’s new federal laws to provide patients with access to RSHO-X™.”
Forbes, Bloomberg and international press covered the Monterrey office opening. Huffington Post declared Monterrey the Mexican capital of medical cannabis with the article, “Monterrey: de ciudad industrial a meca de la marihuana medicinal,” or “Monterrey: from industrial city to medical marijuana mecca.”
Forbes wrote “5 retos para la venta de marihuana medicinal en México,” or “5 challenges for the sale of medical marijuana in Mexico,” which discusses HempMeds Mexico’s strategy for product development in Mexico.
Titus said, “The extensive coverage that we received from both local and international media is a testament to the worldwide interest in cannabis reform happening in Mexico, and the efforts of HempMeds Mexico to provide products for this rapidly expanding CBD hemp oil market.”