Newsfile CorpVancouver, British Columbia–(Newsfile Corp. – March 9, 2023) – Xebra Brands Ltd. (CSE: XBRA) (OTCQB: XBRAD) (FSE: 9YC0) (“Xebra”), a cannabis company, is pleased to report that the Mexican Health Regulatory Agency (the Mexican FDA equivalent) (the “COFEPRIS”) has granted to Xebra’s wholly owned Mexican subsidiary Desart MX, SA de CV (“Xebra Mexico”), an outright first-mover-advantage in Mexico, by officially issuing corporate cannabis authorizations to, among other things, import and acquire cannabis seeds, cultivate and harvest cannabis, process and produce cannabis, and sell cannabis products both domestically and through export.
Xebra announced on December 2nd, 2021, that all five Supreme Court justices voted unanimously in favor of granting Xebra Mexico an irrevocable injunction to commercialize cannabis products. The final step required the COFEPRIS to deliver formal authorizations. Those authorizations have now been received by Xebra and include standard conditions concerning safety protocols, security measures, phyto-sanitation processes, pest management procedures, and customary inspection and reporting provisions. The authorizations are subject to Xebra satisfying the industry standard conditions. Notably, there are no restrictions on where in Mexico, Xebra can cultivate cannabis, nor on the size of the cultivation facilities, or the volume of processing and manufacturing operations. The authorizations will initially apply specifically to the commercialization of cannabis products with low levels of THC (under 1%).
“This represents an important moment for cannabis globally with the first ever grant for full cultivation, harvesting, processing and commercial activities to a corporate entity in Mexico,” said Jay Garnett, CEO of Xebra Brands. “This grant follows years of hard work and focus by a devoted team and is only the beginning of what Xebra has laid as the foundation for growth. The path is now clear for Xebra to continue forward to unlock the commercial opportunities that exists. We are excited to start the process of engaging with potential partners and stakeholders through various commercial joint-ventures/partnerships,” states Jay Garnett, CEO.
Xebra looks forward to a productive and cooperative relationship going forward with the COFEPRIS to understand their guidance and operate within the authorizations, rules, regulations, and conditions set forth for the Mexican cannabis market.
Xebra will take a methodical approach to assessing all opportunities for partnership and growth that have been presented to it since it began the process of the application for the authorization on November 29th, 2018. We recognize the historical importance and commercial opportunity of being granted these authorizations by the Mexican Government as a first mover company.
“We look forward to delivering to our shareholders, a plan in which we recognize the full potential of these authorizations on a similar scale to those corporations that were granted licenses through Health Canada upon legalization in Canada,” said Jay Garnett, CEO.
Xebra will provide an update on its plans for the Mexican cannabis market in coming weeks.
Please contact Xebra for more information as it unfolds its story to its shareholders, the public, and the world.
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