Xebra Brands Ltd. (CSE: XBRA) announced yesterday that the Mexican Supreme Court has granted the firm an injunction in a unanimous 5-0 vote. This historic court decision makes the company the first and only firm allowed to carry out activities related to the absolute commercialization of cannabis in the country.
The injunction effectively allows the firm “to import cannabis seeds, cultivate cannabis, process cannabis, extract cannabinoids, and manufacture cannabis products.”
As this stems from a Supreme Court decision, this injunction is irrevocable and cannot be appealed.
The injunction specifically applies to the industrial sector and to cannabis with low levels of THC (under 1%), which includes hemp cultivation and processing, manufacturing and selling CBD and CBG products, and commercializing cannabis flowers.
The company relayed that it knows at least two other Mexican companies allowed by local authorities with limited offerings of imported CBD products. However, the cultivation and manufacturing of cannabis at an industrial scale are still illegal in the country, except for cannabis pharmaceutical drugs.
Following the decision, the firm expects the Supreme Court to direct the Federal Circuit Court and the Mexican Health Regulatory Agency to work on granting the authorizations.
The cannabis firm is represented in Mexico by its subsidiary Desart MX, SA de CV.
Xebra Brands last traded at $0.48 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.