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Mexico Hemp CBD Market Outlook - 2027
Cannabidiol (CBD) is a phytocannabinoid, one of 113 identified cannabinoids in cannabis plants and accounts for up to 40% of the plant's extract. CBD is closely related to anxiety, cognition, movement disorders, and pain, but there is insufficient high-quality evidence that cannabidiol is effective for these conditions. It can be taken in multiple ways, including by inhalation of cannabis smoke or vapor, as an aerosol spray into the cheek, and by mouth. It may be supplied as CBD oil containing only CBD as the active ingredient (excluding tetrahydrocannabinol (THC) or terpenes), CBD-dominant hemp extract oil, capsules, dried cannabis, or prescription liquid solution. CBD does not have the same psychoactivity as THC. This may change the effects of THC on the body if both are present. The mechanism of action for its biological effects has not been determined.
COVID-19 scenarioanalysis:
Coronavirus disease (COVID-19) has created an economic crisis along with a healthcare crisis. COVID-19 pandemic has stretched the healthcare system worldwide, wherein developed countries are expected to witness economic recession. The COVID-19 pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March 2020. Many small hospitals, clinics, and nursing homes have been forced to shut their operations. Social distancing and localized curfews have resulted in delayed elective surgical procedures. In addition, visa cancellations have led to a hiatus in medical tourism and can negatively impact the healthcare services market growth.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The major factor affecting the industry includesfavorable government policy that helps to surge the adoption of hemp-derived products,which are expected to gain traction in the coming years. Furthermore,increase in the acceptance of cannabidiol (CBD) among users is expected to boost the industry. This is attributed to its innumerable health benefits. The growing awareness about cannabidiol is attributed to its applications and non-psychoactive properties.
Favorable reimbursement scenarios to boost the mexicohemp CBD market
The government has taken steps for CBD adoption, for instance,hemp CBD can be easily availed for majority of the population at appropriate cost. In 2017, the Mexican government legalized the cultivation, production, and use of medical cannabis containing less than 1% tetrahydrocannabinol (THC). This distinctive law passed by the government gave freedom to people for using CBD products in their day-to-day life.
Furthermore, in November 2018, the Mexican government approved the import and sale of 38 cannabis products,including food supplements, cosmetics, food items, and raw hemp oil. This approval made hemp-derived products easily accessible to the population.
Surge in number of mergers & acquisitions to propel the market
Increased mergers & acquisitions are anticipated to help the industryboost in the coming years. For instance, in July 2020, Canadian Imperial Venture Corp. declared that Ikänik Farms, Inc. purchased all issued and outstanding shares of Delta 9 Corporation Mexico S.A. de C.V (“D9C”), based in Coyoacán, Mexico. D9C’s legal representative is permitted to import and register cannabis seeds for cultivation through the legalized Amparo process. Ikänik intends to contract-produce for national and international pharmaceutical cannabis and hemp-derived CBD clients.
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