Weed sells. The global cannabis market was worth USD 22.9 billion in 2020 and is set to grow roughly 20 percent each year until 2026, according to February 2021 estimates by consultancy ReportLinker. In Brazil, companies are on the edge of their seats, investing in technology, consulting, and education while awaiting regulation that will allow them to tap into this potential gold (or green?) mine.
In 2019, health regulator Anvisa approved the controlled import, production, and sale of medical cannabis in Brazilian pharmacies to a total of 10,850 patients.
By late 2020, 26,800 Brazilians had permits to purchase CBD products —derived from cannabis plants — to treat illnesses such as epilepsy, anxiety, depression, arthritis, and multiple sclerosis.
Domestic entrepreneurs now hope this authorization will become binding legislation, placing their faith in Bill 399/2015, currently pending in Congress.
Some entrepreneurs even see hemp fibers and cannabis as future in-demand commodities, to be cultivated in and exported from Brazil. Marcelo Grecco, the founder of cannabis startup accelerator The Green Hub, is among them.
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