U.S. company focusing on legal marijuana market in Mexico, expected to reach $5B USD

Raul Elizalde, a lawyer who along with his wife Mayela Benavides won the first authorization for the medical use of cannabis, was appointed president of HempMeds Mexico, a subsidiary company of Medical Marijuana Inc., dedicated to the manufacture of marijuana pharmaceuticals, reports “El Universal”.

Elizalde will be at the head of a company that seeks to introduce medical cannabis in the Mexico, estimated to reach in a few years from USD$2 thousand to USD$5 billion.

The company is focused on bringing the benefits of medical use of the plant to patients of neurodegenerative diseases, diabetic neuropathy, pain, and diabetes, among others, and even for cosmetic purposes.

(Photo: El Universal)

Pioneer

During its first stage, HempMeds will focus on marketing the more than 100 products that Medical Marijuana produces in San Diego, California, as well as research and developmentof new medicines in Mexico.

Stuart Titus, President of Medical Marijuana Inc, said that plans to open a subsidiary in Mexico started in 2016 when they began to deal with Raul Elizalde, and now it is a reality after the authorization of the medicinal use of cannabis, approved by the Lower Chamber on April 28.

The American company was founded in 2009, becoming the first company of its kind listed on the stock exchange and that standardizes concentrations of active ingredients in cannabis products.

Elizalde commented that “it is a privilege to be the person who will lead one of the largest companies in the world in the medical cannabis market, as this oil has changed the lives of my family, my daughter Grace and hundreds of patients.”

From February 2016 to the same month of 2017, the company obtained 256 approvals so that Mexican patients could purchase the oil. In addition, it has supported the scientific investigations of recognized neuro pediatricians in the country, where more than 80% of patients have shown improvement in the frequency of epileptic seizures after the use of cannabis derivatives.

Source: http://www.eluniversal.com.mx/