Mexico Medical Cannabis Market: Overview
Cannabis is a medicinal herb obtained from the Cannabaceae family’s cannabis plant. It has been used in ancient cultures for several years in medicine. Cannabis is currently used for a variety of treatments including various chronic and neurological ailments. Cannabis has been approved in various nations for medical consumption with differing levels of legal restrictions due to its therapeutic advantages.
In the medical health industry, medical marijuana remains in its introduction stage. It is a powerful product which is gaining worldwide mass recognition, where the use of these crops in China already produces Chinese medications and that also has a lengthy history. In the health industry medical marijuana continues a major impact in the treatment of instances not entirely suitable for traditional medicines. Medical marijuana is only a ordinary marijuana plant processed for the real cannabinoid structure needed for the product being synthesized. In Mexico, marijuana is legalized for medicinal use only and should, in the interest of abolishing illegal trade in drugs and generating tax income, be legalized for recreational purposes. Thus, the Mexico medical cannabis market is expected to become a burgeoning industry over the next few years.
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This report on the Mexico medical marijuana market identifies key drivers, possible opportunities, and challenges, if any, that the industry is likely to face in the coming years. The study encompasses various factors and key developments that are likely to create an impact on sales in the Mexico medical cannabis market over the mentioned period of forecast.
Mexico Medical Cannabis Market: Notable Developments
Some prominent developments that are likely to impact the Mexico medical cannabis market include:
- Health licenses for marijuana cultivation, harvesting and manufacturing are restricted to medicinal and research purposes in the nation. Marijuana laws are not so well-regulated in the country and are subject to a secondary regulation of the Federal Committee for Health Risk Protection.
- Combo is its flagship product which can make it easier for Amira Srl to decompose various goods simultaneously. The fresh development has enhanced the seller’s market position.
- Aurora published in December 2018 a news release with a letter of intent to obtain a license holder. Aurora Cannabis was one of Canada’s global enterprises that rushed into a letter of intent to obtain one of its first license holders, Farmacias Magistrales.
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Some leading vendors in the Mexico medical cannabis market include Aurora Cannabis, HempMeds, Canopy Growth Corporation, CB Science, Inc., Isodiol International, Inc., and GW Pharmaceuticals, plc.
Mexico Medical Cannabis Market: Growth Drivers
- Dense Patient Pool to Accentuate Mexico Medical Cannabis Market
In specific, chronic and acute pain is more sensitive to the elderly population group and the demand for pain management medicines is increasing. According, for example, to the 2017 INEGI the population of Mexico comprised of 13 million geriatric persons, indicating a significant prospective client pool. For example, Mexico’s population was 3,000,000. Research studies also show that chronic pain in older patients is alleviated through medical marijuana. Increasing awareness of the medical advantages of cannabis and the increasing geriatric population in Mexico are thus anticipated to stimulate the market of medical cannabis.
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- Strengthening Rules Pertaining Trade to Impact Growth
The health permits for marijuana culture; harvest and manufacturing in the nation are restricted solely to medical and research reasons. The legislation concerning cannabis in Mexico is not so well-regulated, and the Federal Commission for Health Risk Protection passes a secondary regulation. It is only available for medical or scientific research reasons in Mexico.
Certain laws govern the consumption of marijuana only by prescription by a physician and the government’s delivery is monitored. In addition, for medical reasons, individual imports of marijuana are allowed. However, imports of cannabis products must contain less than 1 percent of THC. These rules are regulated by the Law on General Health and the Federal Criminal Code.
These are some of the key factors that are likely to impact the Mexico medical cannabis market in the coming years.
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