Demand for CBD Hemp Oil in Mexico Increases as Mexico's Health Agency COFEPRIS Approves 22 Additional Import Permits for RSHO-X(TM)
SAN DIEGO, CA --(Marketwired - June 28, 2016) - Medical Marijuana, Inc. (OTC PINK: MJNA)announced today that Mexico's government has approved 22 additional import permits for Real Scientific Hemp Oil-X™ (RSHO-X™), expanding the Company's foothold into a market projected to eventually reach $10-12 billion annually.
On February 2, 2016, history was made when the government of Mexico issued two of the country's first permits to import Medical Marijuana, Inc.'s cannabidiol (CBD) product RSHO-X™ into the country to help two children suffering from severe forms of epilepsy. Since the first import permits were issued, the Mexico government has granted 22 additional permits to treat mostly adolescents in the country suffering from epilepsy.
"With its more than 120 million residents, Mexico represents a potentially vast market for Medical Marijuana, Inc.," the Company's CEO Dr. Stuart Titus said. "Our company's goal is 'access for all' and we have already made great strides in Mexico to get our products to the people there suffering with debilitating medical conditions. As the word continues to spread about the positive results families are experiencing from our products, we expect demand to continue to increase throughout the country."
HempMeds® Mexico, the distributor of Medical Marijuana, Inc.'s RSHO-X product in Mexico, has worked closely with RSHO-X advocate Raul Elizalde and his Por Grace Foundation, which was established to ensure families receive the right to health care and access to CBD hemp oil -- and to lobby for medical marijuana legalization in Mexico. The partners' combined efforts have led to major changes in Mexico's marijuana policy, as Mexico President Pena Nieto announced on April 21, 2016, his intent to move the country away from marijuana prohibition and towards prevention and regulation, including medicinal use.
President Nieto's marijuana reform bill, which authorizes the use and importation of all medicine made with marijuana, was approved by the Mexican Senate on June 15, 2016, but is now postponed for a new vote until September 2016 after Mexico legislators made changes to the original bill.
"The roadblocks medical marijuana legalization in Mexico is currently undergoing as President Nieto's reform bill works its way through the lawmaking process are expected with such major reform initiatives," said Dr. Titus. "Despite the pause on a definitive agreement from Mexico legislators, Medical Marijuana, Inc. and our partners in Mexico, including Raul Elizalde and his Por Grace Foundation, will continue to fight for Mexican families to expand and ensure legal access to medical marijuana for all those in need of it. In the meantime, RSHO-X continues to be available via a doctor's prescription as the first legal cannabis-based product within Mexico."
"We are optimistic that lawmakers in Mexico will be able to work together in putting together a complete marijuana reform bill that will benefit their citizens and continue their country's compassionate position on health," concluded Titus.