Marijuana Company of America Inc. Announces Latin America Sales and ANVISA Recognition for the Brazilian Medical CBD Market
LOS ANGELES, CA / ACCESSWIRE / October 11, 2021 / Marijuana Company of America, Inc. (OTC PINK:MCOA) ('the Company'), a diversified holding company with operations and investments throughout the cannabis industry, today announced that the Company's new hempSMART™ Brazil operations has received product recognition from ANVISA, the Brazilian regulatory agency equivalent to the FDA to sell its premium hempSMART™ products via physician prescriptions in Brazil, the biggest CBD market in South America. The Company has begun to fulfill prescriptions and expects continued requests.
ANVISA, the Brazilian regulatory agency, in 2019 established a legalized environment for the sale and consumption of CBD and cannabis for medical use in Brazil. ANVISA is an autonomous agency that regulates most, if not all products and services in Brazil. The institution assures that products follow the necessary standards and health regulations before they can be sold to patients. hempSMART™ products are available to physicians and patients in Brazil.
The ANVISA regulatory framework sets a comprehensive procedure for the manufacture and import of CBD products as well as the requirements for commercialization, prescription, dispensing, monitoring and supervision of cannabis products for medical purposes.
Cannabidiol (CBD) oil can be sold only in Brazil to cannabis medical patients who receive a special control prescription from their physician, and must be renewed every 60 days. hempSMART™ is now being shipped directly to the patient.
"We have been working with the Brazilian medical community with outreach and education about our premium hempSMART™ products and this approval of registration from ANVISA validates our premium hempsmart™ CBD products as a new class of medical cannabis-based products that can be prescribed by doctors, enabling patient safe and legal access while also creating a revenue generation opportunity for our company," said Jesus Quintero, CEO of Marijuana Company of America, Inc."
Brazil is a major market for pharmaceutical products. With approximately 208 million people and the world's 9th largest economy, Brazil's GDP per capita is over US$16,000. Sao Paulo is the largest urban centre in Latin America and the Golden Triangle of Belo Horizonte, Rio de Janeiro and Sao Paulo is the largest single market in the Americas outside of the United States.
Quintero added, "The response to our premium hempsmart™ products has been overwhelmingly positive, and this confirms what we have known all along that there is a real need for a premium and superior products like hempSMART™ in the marketplace. We look forward to ramping up our growth and expansion plans as well as continuing to build a strong partnership with Latin America, which shares our commitment to making high-quality premium CBD products."
About Marijuana Company of America, Inc.
Marijuana Company of America (MCOA) invests in the cannabis sector directly. The company's operations include C-Distro, one of the THC, Hemp & CBD cannabis industries fastest growing distribution companies, and hempsmart™, a Premium CBD company. The company's core mission is to leverage its experience, and access to capital to identify and invest in acquisitions with unique growth potential.
This news release contains 'forward-looking statements,' which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities and words such as 'anticipate,' 'seek,' 'intend,' 'believe,' 'estimate,' 'expect,' 'project,' 'plan,' or similar phrases may be deemed 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission.
SOURCE: Marijuana Company of America, Inc.
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Released October 11, 2021