Earlier this year, Mexico’s Supreme Court decriminalized the recreational use of cannabis, calling prohibition unconstitutional. With that ruling, Mexico could become one of the hottest cannabis markets in the world. Better, according to New Frontier Data, “Mexico is the second-most populated country in Latin America, with more than 1.4 million cannabis consumers, including nearly 850,000 regular users. Mexico’s total potential market revenues are substantial.” However, another game-changing decision is on the horizon. On December 1, the Supreme Court is expected to rule on Xebra Brands (CSE:XBRA) constitutional claim to obtain an injunction that would authorize it to be the first in Mexico to legally cultivate hemp, and would include the right to commercialize hemp derived cannabinoids, such as CBD and CBG. Other top cannabis companies to keep an eye on include Aurora Cannabis (NASDAQ:ACB)(TSX:ACB), Canopy Growth (TSX:WEED)(NASDAQ:CGC), Tilray Inc. (NASDAQ:TLRY)(TSX:TLRY), and OrganiGram Holdings (NASDAQ:OGI)(TSX:OGI).
Xebra Announces That Mexican Supreme Court Sets Date of December 1st to Vote On Granting Xebra An Injunction To Commercialize Cannabis
Xebra Brands Ltd. just announced that it has been informed that the Mexican Supreme Court will convene on Wednesday December 1st, 2021, to deliberate and vote on a claim by Xebra’s wholly owned Mexican subsidiary, Desart MX, SA de CV, to obtain an injunction that could result in Xebra being positioned to hold an outright first-mover-advantage in the Mexican cannabidiol and cannabigerol market.
If an injunction is granted, Xebra could be authorized to operate irrespective of when, or whether or not, Mexico legalizes cannabis, and the injunction would apply only to Xebra.
Xebra believes Mexico has the potential to be one of the largest near-term country cannabis consumer markets in the world upon legalization of cannabis. Mexico is also within the North American free trade zone (USMCA), giving it considerable cultivation and product manufacturing cost advantages over Canada and the United States. Xebra is of the opinion that there is sufficient precedent with many agricultural crops and manufactured products, to suggest that there is a possibility that ultimately the majority of North American industrial scale cannabis production activity will occur in Mexico.
The upcoming hearing is the culmination of a three-year legal strategy, challenging the unconstitutionality of Mexican cannabis law. The claim successfully navigated lower-courts and is now scheduled for the Supreme Court on December 1st, 2021. The case is listed on the Supreme Court’s official website (https://www.scjn.gob.mx/primera-sala/listas-para-sesion) as file number 355/2020, referencing Xebra’s wholly owned Mexican subsidiary, DESART MX.
The claim filed by DESART MX with the Mexican Supreme Court for a constitutional injunction under the terms of Mexican Law would, if granted, provide the authorizations necessary to enable DESART MX to, import cannabis seeds into Mexico, cultivate and process cannabis with low levels of THC (under 1%), and could allow for the manufacture and sale of CBD and CBG, and associated products. In practical terms, it could allow for the commercialization of CBD and CBG derived from hemp. Export activities could also potentially be possible.
Other related developments from around the markets include:
Aurora Cannabis, the Canadian company defining the future of cannabinoids worldwide, announced the naming of the Company's new genetics licensing business unit – Occo – a leading innovator in the scientific discovery and commercial advancement of novel cannabis cultivars, backed by Aurora's state-of-the-art breeding and genetics facility in Comox, British Columbia. Occo, derived from the Latin word for 'tilling of the field,' refers to the brand's reverence for the cannabis plant, and its mission to support the people who grow and consume it. With the largest catalogue of high-quality genetics available for licensing in Canada, Occo is aptly positioned to reach its goals of further developing the scientific understanding of cannabis, commercializing high-quality products, providing value for cannabis growers, and helping to realize the full potential of the cannabis plant.
Canopy Growth, a world-leading diversified cannabis, hemp, and cannabis device company, unveiled a new lineup of premium flower offerings across its 7ACRES, 7ACRES Craft Collective and DOJA brands, including a range of national and limited-edition craft strains. These sought-after strains meet the growing demand of the Canadian flower market and deliver the Company’s commitment to deliver on consumers’ evolving preferences. Expanding on the successful 7ACRES portfolio, the Company unveiled two new national strains – 7ACRES Wappa 49 and 7ACRES Papaya – grown in the Company’s state-of-the-art hybrid-greenhouse cultivation facility in Kincardine, Ontario and now available in 7 gram formats. Following the original release of 7ACRES Wappa in 2018, which quickly grew in popularity, the 7ACRES team brought the strain back with a new phenotype – #49 – selected in-house for its pungent aroma and high THC potency.
Tilray Inc. announced that two of its leading brands, SweetWater Brewing Company and RIFF Cannabis, have collaborated for the exclusive U.S. launch of SweetWater RIFF -- SweetWater’s first ready-to-drink (RTD) cocktail and its inaugural entry into the spirits category. SweetWater RIFF brings a unique twist on RTD vodka sodas in two offerings: SweetWater RIFF Citrus and SweetWater RIFF Strawberry Mule. “SweetWater’s entry into the spirits category reflects the essence of the SweetWater brand: original, compelling and enticing,” said Brian Miesieski, SweetWater’s Chief Marketing Officer. “SweetWater RIFF delivers a great-tasting ready-to-drink cocktail with a premium taste developed in partnership with RIFF’s own highly curated, expertly made approach. We are incredibly excited to expand and create something that is a great alternative to our incredible selection of beers and seltzers.”
OrganiGram Holdings announced its results for the fourth quarter ended August 31, 2021. “The results in Q4 Fiscal 2021 demonstrate the momentum we have achieved from our efforts to lead innovation and increase efficiencies. In the quarter, we introduced exciting new products that were embraced by consumers and we achieved higher crop yields at a lower cost” said Beena Goldenberg, Chief Executive Officer. “We are particularly pleased with our market share gains in the quarter to become a #4 LP and will build on these successes into Fiscal 2022. We are excited for what Fiscal 2022 holds for Organigram. Looking ahead, we expect to continue our momentum as we maintain our focus on increased points of distribution, bringing new, impactful and innovative products such as Edison Jolts, SHRED and SHRED’ems to market, and improve our ability to fulfill the growing demand for our products.”
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