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Marijuana giant Canopy Growth enters Mexican market

Uncategorized By Apr 16, 2023

Canopy Growth, the world’s largest legal cannabis company by market capitalization, has partnered with Mexican pharmaceutical distributor Entourage Phytolab to import its medical marijuana products into the country. The move follows the 2018 decision by Mexico’s Supreme Court to declare the prohibition on cannabis for personal use unconstitutional. Though the sale and cultivation of cannabis remain illegal, a regulated market is expected to follow the freeing up of personal consumption, with the Mexican cannabis industry estimated to be worth up to $1.6bn by 2023. Canopy Growth’s entry to the country could encourage other Canadian cannabis firms to follow suit.

Marijuana Giant Canopy Growth Enters Mexican Market

Canopy Growth, the largest legal cannabis company in the world by market capitalization, has announced its entry into the Mexican market. The Canadian company has partnered with the pharmaceutical distributor, Entourage Phytolab, to import its medical marijuana products into Mexico. The move comes as Mexico’s cannabis market is undergoing rapid change, with the country’s Supreme Court having effectively legalized cannabis for personal use last year. Canopy Growth’s entry into the Mexican market could pave the way for other Canadian cannabis companies to follow suit.

Canopy Growth and Entourage Phytolab Partnership

Canopy Growth’s partnership with Entourage Phytolab will see the two companies working together to import and distribute Canopy Growth’s medical cannabis products in Mexico. Entourage Phytolab is a leading pharmaceutical distributor in Mexico with a strong presence in the country’s medical cannabis market. The company has a network of over 1,100 pharmacies across the country and has previously worked with other international cannabis companies to import medical cannabis products into Mexico.

The partnership is a significant step for Canopy Growth as it will allow the company to access the Mexican cannabis market, which is expected to be worth up to $1.6 billion by 2023. The Mexican government is currently in the process of drafting regulations to allow for the cultivation, production, and distribution of medical marijuana products in the country. Once these regulations are finalized, Canopy Growth is well poised to take advantage of the growing market.

Mexico’s Legalization of Cannabis

In 2018, Mexico’s Supreme Court declared that the country’s prohibition on the personal use of cannabis was unconstitutional. The ruling did not legalize the sale or cultivation of cannabis, but it did open the door for individuals to use cannabis in a personal capacity without fear of legal repercussion. Since the ruling, lawmakers in Mexico have been working to legalize cannabis, with a bill currently under consideration in the Mexican Senate. The bill seeks to create a regulated market for cannabis in Mexico, allowing for the cultivation, production, and distribution of cannabis products.

Canopy Growth’s entry into the Mexican market comes at a time of rapid change in the country’s cannabis industry. The Mexican government is expected to finalize regulations for the medical cannabis market in the near future, with a larger market for recreational cannabis likely to follow in the coming years. Canopy Growth’s presence in Mexico will allow the company to establish a foothold in the growing market, positioning it well for future growth.

FAQs

  1. What is Canopy Growth?
  2. Canopy Growth is the largest legal cannabis company in the world by market capitalization. The Canadian company produces and distributes a range of cannabis products, including medical and recreational cannabis, hemp-derived products, and CBD products.

  3. What is Entourage Phytolab?
  4. Entourage Phytolab is a leading pharmaceutical distributor in Mexico with a strong presence in the country’s medical cannabis market. The company has a network of over 1,100 pharmacies across the country and has previously worked with other international cannabis companies to import medical cannabis products into Mexico.

  5. What is the Mexican cannabis market expected to be worth?
  6. The Mexican cannabis market is expected to be worth up to $1.6 billion by 2023.

  7. Has cannabis been legalized in Mexico?
  8. In 2018, Mexico’s Supreme Court declared that the country’s prohibition on the personal use of cannabis was unconstitutional. The ruling did not legalize the sale or cultivation of cannabis, but it did open the door for individuals to use cannabis in a personal capacity without fear of legal repercussion.

  9. What is the status of legislation to legalize cannabis in Mexico?
  10. A bill to legalize cannabis is currently under consideration in the Mexican Senate. The bill seeks to create a regulated market for cannabis in Mexico, allowing for the cultivation, production, and distribution of cannabis products.

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