Brazil Approves Medicinal Cannabis, Huge New Market

Brazil Approves Medicinal Cannabis, Huge New Market
South America’s largest nation has become the latest country to approve the legal use of cannabis for medicinal purposes. Brazil announced on Tuesday that a new regulatory framework for medicinal cannabis use has been drafted.

The new rules on medicinal use will be published “in the next few days”. Legalization of medicinal cannabis will take effect 90 days after that.

What will be of great interest to cannabis investors is that Brazil is continuing to prohibit cannabis cultivation. This means that Brazil will have to look to external suppliers to meet its cannabis needs. This makes Brazil a potential export market for whichever countries (and companies) can fill this void first.

In the United States, medicinal cannabis is now legal in 33 states. This encompasses a total population of roughly 224 million Americans. Brazil has now opened up a new market for medicinal cannabis for its own population of 211 million.

Brazil’s pharmaceutical regulator, Anvisa, released a few additional details. Medicinal cannabis will only be available by prescription and will be distributed in registered pharmacies.BEIJING — China’s official spokespeople are keeping quiet on trade talks with the U.S. amid growing uncertainty on when even a phase-one agreement can be reached.

“China believes if both sides reach a phase-one agreement, relevant tariffs must be lowered,” Gao Feng, Ministry of Commerce spokesman, said Thursday, according to a CNBC translation of his Mandarin-language remarks.
The comments reiterated the position Beijing has expressed in the last few weeks, since both countries indicated a rollback of tariffs would be part of a so-called phase-one agreement.

On Thursday, Gao noted both trade delegations remain in communication, but disclosed few additional details about the negotiations.

He did not provide a direct response when asked about China’s view on additional U.S. tariffs, which are set to take effect Dec. 15. Gao also did not provide details on the unreliable entities list. The commerce ministry raised the threat of such a designation in late May, shortly after U.S. President Donald Trump’s administration put Chinese telecommunications giant Huawei on a blacklist that effectively prevents it from buying from American suppliers.

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