Xebra Brands provides an update on the issuance of its Mexican cannabis authorizations and announces management changes.
A Mexican court has granted the Mexican Health Regulatory Agency (the Mexican FDA equivalent) (COFEPRIS) another extension to the week of February 6th to fulfill the Supreme Court mandate to grant Xebra cannabis authorizations. Xebra has been provided with copies of the extension request made by the COFEPRIS to the court; the documents reference the cooperation of high-ranking officials and are clearly indicative of genuine efforts being made by the COFEPRIS to comply with the Supreme Court to grant Xebra the cannabis authorizations.
As Xebra has indicated in previous press releases, since the cannabis authorizations are without legal precedent in Mexico, guidance on approximate timing cannot be relied upon, and additional delays can be reasonably expected. Xebra Mexico's authorizations will apply specifically to cannabis with low levels of THC (under 1%), therefore, in practical terms, to hemp cultivation, processing, and to the manufacture and sale of mainly CBD products and certain uses of the cannabis flower. Opportunities in the hemp plastics industry have also been identified.
In addition, Xebra announces board and management changes. Robert Giustra has resigned as Chairman and Director in order to focus on his mining ventures. Mr. Giustra will remain an advisor to Xebra. Mr. Giustra is the founder of Xebra Brands; under his leadership, Xebra obtained an irrevocable injunction by the Mexican Supreme Court and created Xebra's unique beverage brands and trademarks. Over the last year, Mr. Giustra transitioned to the incoming CEO and oversaw the Canadian launch of Xebra's highly successful THC and CBN-infused lemonade, Vicious Citrus. Andrew Yau, CFO, and Daniela Freitas, Corporate Secretary, have also resigned with Mr. Giustra to focus on the mining sector; Rodrigo Gallardo, Xebra's President, has been appointed CFO and Corporate Secretary on an interim basis.
For more information:
Xebra Brands
www.xebrabrands.com