Medical Marijuana, Inc. has launched its first pharmaceutical subsidiary, HM Pharma, in Brazil.
“We have been working hard to connect and build meaningful relationships with medical professionals and consumers in Brazil. This new sales channel will open new avenues for continued growth by bringing our cannabidiol (CBD) products to pharmacies throughout the country,” said Matheus Patelli, Managing Director of HM Pharma. “Not only will our products be more affordable than other CBD products sold at drugstores in Brazil, but they will be of the highest quality.”
In Brazil, CBD is currently permitted only for medical use with authorization from the country’s National Sanitary Surveillance Agency (Anvisa). HM Pharma will operate under Anvisa Normative 327/2019 which allows the company to sell its products in pharmacies. Customers will soon have the choice to purchase HM Pharma in a pharmacy at the point of sale with a doctor’s prescription or continue to order from HempMeds Brasil using Brazil’s Compassionate Use law. The company expects that HM Pharma products will be on pharmacy shelves by the end of 2022.
Medical Marijuana, Inc. subsidiary HempMeds Brasil was the first company to legally import products to Brazil in 2015 utilizing Brazil’s Compassionate Use laws. The compassionate use market in Brazil is thriving and it will continue to coexist with the medical market. HempMeds Brasil, which is currently growing at 75.8% faster than the overall Brazilian CBD market and is one of the largest players in Brazil's cannabis industry, will continue to operate under the compassionate use model, while HM Pharma will operate under Anvisa Normative 327/2019.
“HempMeds Brazil has imported over 150 thousand prescription products to Brazil through the compassionate model since 2015, and we continue to grow at an average rate of 50% yearly. Our market leadership reflects the quality of our products, customer care and doctor relationships,” added Patelli.
“Brazil has led the way with respect to Medical Marijuana, Inc.’s Latin American expansion. We are confident that this will continue with our entrance into the pharmaceutical space,” said Medical Marijuana, Inc. CEO Blake Schroeder. “HM Pharma has great potential to add significant value for our shareholders and will enable greater free access to cannabis-based medicine to consumers in Brazil than ever before”.
For more information:
Medical Marijuana
www.medicalmarijuanainc.com