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Xebra Brands Ltd. (OTCQB:XBRAF) (CSE:XBRA) (FSE:9YC), a cannabis company, provided an update on the issuance of its Mexican cannabis authorizations.
Xebra previously announced that it expected the issuance of cannabis authorizations to its Mexican subsidiary, Desart MX, SA de CV ("Xebra Mexico") in October. The Mexican Health Regulatory Agency (the "COFEPRIS"), has been officially ordered by the courts to grant the authorization. Since these are the first cannabis authorization in Mexico related to seed importation, cultivation, processing, and manufacturing; they are without legal precedent, hence the COFEPRIS has requested, and has been granted, extensions by the courts to issue the authorizations. The most recent extension expires in approximately two weeks. Xebra and the COFEPRIS are working diligently with the aim of effecting the issuance of the authorizations as soon as possible.
Xebra Mexico's authorizations will apply specifically to cannabis with low-levels of THC (under 1%), therefore, in practical terms, to hemp cultivation and processing, and to the manufacture and sale of mainly CBD products, and certain uses of the cannabis flower. Opportunities in the hemp plastics industries have also been identified.
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