The Mexican Health Regulatory Agency has granted Xebra's wholly owned Mexican subsidiary Desart MX, SA de CV corporate cannabis authorizations to, among other things, import and acquire cannabis seeds, cultivate and harvest cannabis, process and produce cannabis, and sell cannabis products both domestically and through export.
The authorizations are subject to Xebra satisfying the industry standard conditions. Notably, there are no restrictions on where in Mexico, Xebra can cultivate cannabis, nor on the size of the cultivation facilities or the volume of processing and manufacturing operations. The authorizations will initially apply specifically to the commercialization of cannabis products with low levels of THC (under 1%).
"This represents an important moment for cannabis globally with the first-ever grant for full cultivation, harvesting, processing, and commercial activities to a corporate entity in Mexico," said Jay Garnett, CEO of Xebra Brands. "This grant follows years of hard work and focus by a devoted team and is only the beginning of what Xebra has laid as the foundation for growth. The path is now clear for Xebra to continue forward to unlock the commercial opportunities that exist. We are excited to start the process of engaging with potential partners and stakeholders through various commercial joint ventures/partnerships," states Jay Garnett, CEO.
"We look forward to delivering to our shareholders a plan in which we recognize the full potential of these authorizations on a similar scale to those corporations that were granted licenses through Health Canada upon legalization in Canada," said Jay Garnett, CEO.
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