SAN DIEGO, Dec. 5, 2019 /PRNewswire/ -- Medical Marijuana, Inc. ("the Company") (OTC: MJNA), the first-ever publicly traded cannabis company in the United States that launched the world's first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today that subsidiary HempMeds® Brasil applauds ANVISA (the National Agency for Health Supervision) for unanimously approving the regulation of medical marijuana to be sold at pharmacies and drugstores nationwide. Brazil's new regulations will be published soon on the Federal Official Gazette and entered into law 90 days after that.
"These new regulations to allow the rollout of cannabis products in pharmacies and drugstores create a new category of medicinal cannabis products in Brazil," said HempMeds® Brasil Vice President Caroline Heinz. "This change will allow patients almost immediate access to CBD products – a huge difference from today where the process takes three months. The approximate four million patients in Brazil can benefit from medical cannabis much easier with the ability to visit their doctor's office and go directly to a pharmacy. We hope that this will encourage more people to see how cannabis could help improve their health and wellness."
Currently, patients in Brazil must request the importation of cannabidiol (CBD) products through the federal government website. The process involves attaching a report explaining the patient's need, which must be signed off by their doctor, to a prescription liability statement. These new regulations will allow CBD and tetrahydrocannabinol (THC) products to be available at pharmacies and drugstores with a prescription and set guidelines for the manufacturing and importation of these products. The regulations also lay out the standards for commercialization, dispensing, supervision, and prescription of medical cannabis products.
"According to reports by the Brightfield Group, Brazil's CBD sales could total around $448 million by 2023," said Medical Marijuana, Inc. CEO Dr. Stuart Titus. "We congratulate Anvisa and other health officials for helping us, the first Company to receive approval from the agency to import CBD into Brazil, expand access to this powerful compound and continue to participate in the country's rapidly developing cannabis industry."
As the new regulations received approval, HempMeds Brasil® was featured in Folha de Sao Paulo and on the front page of several other Brazilian newspapers. HempMeds® Brasil sales bookings through the third quarter of 2019 surpassed sales bookings for the entire 2018 fiscal year and sales bookings for 2019 are on pace to grow more than 50% year over year compared to 2018.
To learn more about HempMeds® Brasil, please visit https://hempmedsbr.com/.
About HempMeds® Brasil
HempMeds® Brasil was the first company to receive approval from the National Sanitary Surveillance Agency (Anvisa) to import a product based on cannabidiol, a substance derived from hemp, a plant of the genus Cannabis. Currently, it is authorized to supply its products, which help in the control of diseases such as epilepsy, Parkinson's, chronic pain and multiple sclerosis, under medical prescription. For these indications, the products can be subsidized by the Brazilian government. HempMeds® Brasil works on additional approvals for other indications. www.hempmeds.com.br.
About Medical Marijuana, Inc.
We are a company of firsts®. Medical Marijuana, Inc. (MJNA) is a cannabis company with three distinct business units in the non-psychoactive cannabinoid space: a global portfolio of cannabinoid-based nutraceutical brands led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its internal R&D and scientific team and its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Kannalife, Inc. Medical Marijuana, Inc. was named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. Medical Marijuana, Inc.'s headquarters is in San Diego, California, and additional information is available at OTCMarkets.com or by visiting www.medicalmarijuanainc.com.
To see Medical Marijuana, Inc.'s corporate video, click here.
Shareholders and consumers are also encouraged to buy CBD oil and other products at Medical Marijuana, Inc.'s shop.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
FOOD AND DRUG ADMINISTRATION (FDA) DISCLOSURE
These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease.
Medical Marijuana, Inc. does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA). These companies do grow, sell, and distribute hemp-based products and are involved with the federally legal distribution of medical marijuana-based products within certain international markets. Cannabidiol is a natural constituent of hemp oil.
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SOURCE Medical Marijuana, Inc.