HempMeds® Mexico has begun shipping its RSHO™ products to patients in Colombia, opening a multi-billion dollar healthcare market to their CBD hemp oil products. This marks the first entry into Colombia for Medical Marijuana, Inc. subsidiaries, though the company already ships CBD products to Brazil and Mexico.
The timing of HempMeds® Mexico in cracking the Colombian market is serendipitous. The Colombian government is in the throes of evaluating its current policy on cannabis. Like many Latin American countries, Colombia has been hesitant to recognize the medical potential of cannabis for fear of a spread in marijuana use for recreational purposes. However, the introduction of THC-free products like RSHO-X™ from HempMeds® Mexico presents a non-psychoactive alternative to high-THC medical marijuana that Latin American countries prefer.
HempMeds® Mexico entered the cannabis reform dialog taking place in Colombia when the company exhibited at Expo Mede Weed 2016 held in the Colombian city of Medellin. The two-day event featured cannabis industry panelists, speakers, and exhibitors from around the world. Attended by over 6,000 members of the general public, including patients, doctors, and lawmakers, Expo Mede Weed 2016 breached the topic of cannabis legislation in the country and brought the discussion to the nation’s forefront.
Dr. Stuart Titus, CEO of Medical Marijuana, Inc., revealed, “This is another great milestone accomplishment for our Latin American team members. We believe there are excellent opportunities for us to expand our outreach and educate people around the globe on the overall health and wellness benefits of hemp-based CBD.”
Healthcare costs in Latin America are expected to soar as the region pushes for a more comprehensive universal healthcare system. With an anticipated growth rate of 7.7 percent leading into 2017, Latin America is the “third fastest growing healthcare market in the world after The Middle East and Africa (9.9%) and Eastern Europe (8.4%).” Pharmaceutical spending in the region is also on the rise and could reach an estimated $100 billion in 2017. As seen in the U.S., use of cannabis for medical purposes reduces the use of prescription pharmaceuticals.
As they did in Brazil and Mexico, HempMeds® plans to work with Colombian regulatory and health authorities before opening local operations to continue to expand access to CBD in Colombia. Part of this push will include a donation of our CBD hemp oil products to doctors and qualifying patients upon regulatory approval from the government of Colombia to ensure those in the country who need it most have access.
Dr. Titus concluded, “We look forward to much more within Colombia and hope to host a medical symposium in the not too distant future. The doctors are the gatekeepers and our belief is that, in educating these medical professionals, the full promise and potential of hemp-based CBD products will be realized.”
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