Isodiol International Inc., a global developer of cannabis-based pharmaceutical and consumer products, announced it has established operations in Mexico and will commence shipment of its Cannabinol products throughout the country within the coming weeks.
The company declined to reveal the amount of investment or number of jobs it will create in this endeavor, but Isodiol officials remarked the strategy includes manufacturing operations in the country.
Last Monday President Enrique Pena Nieto signed into law a bill that officially legalized the cultivation, production, and use of cannabis products with less than 1% tetrahydrocannabinol (THC) for medical use in Mexico.
The new law, which was approved by Mexico lawmakers earlier this year by an overwhelming majority, will direct Mexico's ministry of Health to draft and implement policies to regulate the use, importation, and production of pharmaceutical products derived from cannabidiol (CBD)-dominant/low-THC cannabis.
Cannabis related products are now available for medical use and gives people in Mexico access to products containing THC for the first time.
CEO of Vancouver-based Isodiol International Inc. Marcos Agramont stated, “Anticipating the medical cannabis legalization in Mexico, we have spent the last few months investing in infrastructure to expand our distribution into that market. Through our online sales platform, we will immediately be able to commence distribution and build a footprint within Mexico”.
Mexican Federal Commission for Protection against Sanitary Risks (COFEPRIS) has yet to release a manufacturing permit for Isodiol to produce in the country, a process the company said to be working through.
“This is a very important step for us, as we continue to build out a fully vertically integrated operation, which is being replicated domestically and in every market we enter,” Agramont said, adding the company will provide further information in the coming weeks.