International cannabis companies are showing interest in Brazil, both its large consumer market for medicinal products and a proposal that could legalize planting of the crop. Major producers like Colombia’s Clever Leaves and Canada’s Canopy Growth are developing and selling medicinal cannabis products to a Brazilian consumer segment estimated at 10 million to 13 million people. This results from a 2019 regulatory change allowing the import, sale, and manufacturing of such products. But permission for the cultivation of hemp and cannabis in Brazil would be a bigger prize. If granted, the industry could blossom in four to five years, based on the experience of other countries such as Colombia. “By 2025, I would like to be planting hemp in the interior of Pernambuco,” said José Bacellar, founder of Canada’s VerdeMed, referring to a northeastern state known for illegal marijuana growing. A proposal that would legalize cultivation was approved in June by a congressional committee. Lawmakers are weighing if it could be fast-tracked to the Senate for approval. If passed there, President Jair Bolsonaro would have to sign it into law. While Bolsonaro’s far-right positions may seem an unlikely match for the bill, the proposal has support from some members of the powerful farm sector, a key constituency that helped him win the 2018 election.
420 Intel – Marijuana Industry News, 08/19/2021 20:00:00
Open article: https://420intel.com/articles/2021/08/20/cannabis-firms-catch-whiff-opportunity-brazil