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Xebra receives Mexico's first cannabis authorizations
2023-03-09 11:29 ET - News Release
Mr. Jay Garnett reports
MEXICAN GOVERNMENT GRANTS XEBRA BRANDS THE FIRST EVER CANNABIS AUTHORIZATIONS FOR THE CULTIVATION, PROCESSING, PRODUCTION, AND THE NATIONAL COMMERCIALIZATION OF CANNABIS PRODUCTS
The Mexican Health Regulatory Agency (the Mexican Food and Drug Administration equivalent) (the COFEPRIS) has granted to Xebra Brands Ltd.'s wholly owned Mexican subsidiary Desart MX SA de CV an outright first-mover advantage in Mexico by officially issuing 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.
Xebra announced on Dec. 2, 2021, that all five Supreme Court justices voted unanimously in favour of granting Xebra Mexico an irrevocable injunction to commercialize cannabis products. The final step required the COFEPRIS to deliver formal authorizations. Those authorizations have now been received by Xebra and include standard conditions concerning safety protocols, security measures, phyto-sanitation processes, pest management procedures, and customary inspection and reporting provisions. 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 tetrahydrocannabinol (under 1 per cent).
"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, chief executive officer 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 exists. We are excited to start the process of engaging with potential partners and stakeholders through various commercial joint ventures/partnerships," states Mr. Garnett, CEO.
Xebra looks forward to a productive and co-operative relationship going forward with the COFEPRIS to understand its guidance and operate within the authorizations, rules, regulations and conditions set forth for the Mexican cannabis market.
Xebra will take a methodical approach to assessing all opportunities for partnership and growth that have been presented to it since it began the process of the application for the authorization on Nov. 29, 2018. The company recognizes the historical importance and commercial opportunity of being granted these authorizations by the Mexican government as a first-mover company.
"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 licences through Health Canada upon legalization in Canada," said Mr. Garnett, CEO.
Xebra will provide an update on its plans for the Mexican cannabis market in coming weeks.
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