The hemp industry may be confronting some obstacles in Canada and the United States, but many Latin American countries have embraced the plant’s potential. For instance, Mexico’s COFEPRIS approved the impact of CBD oil for epilepsy treatment; Brazil’s ANVISA legalized CBD for various therapeutic uses; and Chile approved a measure legalizing the cultivation and sale of medical marijuana last year and has since opened the largest marijuana farm in the region.
Leading CBD Hemp Oil Distributor
Medical Marijuana Inc. was the first publicly-traded company vested in the United States’ cannabis and industrial hemp industry. The company’s Real Scientific Hemp Oil – or RSHO™ for short – is a non-psychoactive cannabidiol (CBD) rich oil derived from the hemp plant. The product contains 10% to 30% CBD content and is offered in three different varieties depending on the consumer’s taste and cannabinoid preferences.
Over the past couple years, the company has setup several subsidiaries designed to distribute RSHO™ outside of the United States. HempMedsPX™ LLC is a wholly-owned subsidiary that distributes RSHO™ in Mexico and Puerto Rico using sub-distributors. HempMeds Brasil™ is a second 93.4% owned subsidiary focused on distributing RSHO™ in Brazil, which is the largest economy in South America and a significant end market for its products.
The company has made significant inroads in these markets through its advocacy efforts from both a consumer and political standpoint. For example, the company was featured in a Newsweek Mexico cover story last November discussing the legal status of cannabis in Mexico and how HempMeds® Mexico’s THC-free RSHO-X™ became the first-ever product approved for import by the Mexico government to treat an adolescent girl suffering from epilepsy.
Groundbreaking Agreement
Medical Marijuana Inc.’s Brazil-based subsidiary – HempMeds® Brazil – recently announced a partnership with Paragon HealthCare BR, a leading global wholesale distributor of pharmaceutical products that has relationships with medical professionals, doctor’s groups, hospitals, pharmacists, and other health care providers. Paragon HealthCare also has several other businesses that serve customers around the world.
Under the terms of the agreement, Paragon HealthCare BR will make RSHO™ products accessible to those in need by assisting individuals in securing special importation permits. Over time, this will reduce the wait from prescription-to-delivery for patients that require CBDs to treat medical conditions. These dynamics could help Medical Marijuana Inc. increase their revenue by reaching more clients more quickly.
The distributor will also help facilitate medical research surrounding the applications of CBD in treating numerous medical conditions. With a wealth of doctors and clinics ready for such research, Paragon HealthCare BR is well positioned to help execute these studies and legitimize the use of non-psychoactive cannabinoids for neurological and other conditions. The good news is that Brazil and other countries are more open than the U.S. to such studies.
Looking Ahead
Medical Marijuana Inc. (OTC Pink: MJNA) has been a pioneer of CBD hemp oils throughout Latin America. Recently, the company cemented this reputation with a new distribution agreement with Paragon HealthCare BR, a leading distributor of pharmaceutical products in Brazil and – through its parent company – other countries around the world. The deal could mark an important turning point for the company and its shareholders.
Over the past year, the company has generated more than $1.5 million in revenue from the sale of RSHO™ and other products. The rapid expansion of legalization measures across Latin America, as well as the expansion of included medical indications, opens the door to significant revenue growth over the coming quarters. Investors may want to keep a close eye on the company as it continues to make progress in the region.
For more information, visit the company’s website at www.medicalmarijuanainc.com.