Ikänik Farms Becomes First Colombian Company To Export Psychoactive Cannabis Oil To Mexico

Ikänik Farms Inc.'s Colombia subsidiary made its first sale and exportation of THC to Mexico.

It's also the first company to complete a “commercial sale” for export.

The company intends to introduce cannabinoid solutions via Formula Magistral in Latin America to help with various illnesses, such as epilepsy, cancer, and insomnia.

Ikänik Farms also plans to list on the Canadian Securities Exchange.

"We are excited to participate in this groundbreaking moment for the cannabis industry and the countries of Mexico and Colombia, as the first Colombian company to export psychoactive cannabis oil to Mexico," stated Borja Sanz de Madrid, President of Ikänik Farms, International. "We would like to thank both governments for their roles, ensuring this collaborative effort remained a top priority."

• Mexico's Marijuana Market

Last November, a bill legalizing recreational marijuana was voted for by Mexican Senators with an 82 to 18 vote.

Prior to the voting, five similar Supreme Court rulings, found the ban on adult-use cannabis to be unconstitutional.

In December, 4/5ths of the Mexican Senate approved the bill, enabling adults to own 38 grams of cannabis, and cultivate up to four plants. The bill still awaits passing the lower house to turn into law.

Many project this could happen in the upcoming months, making Mexico the third nation to legalize recreational cannabis and maybe even become the biggest legal marijuana market in the world.

Mexico has a large illicit market, and there is a lot of crime, with some analysts arguing that around 55% of the country’s homicides happen due to the War on Drugs. This means that cannabis legalization could possibly help break the illegal market and lower some crime rates.  

In January, the country finally released a set of regulations for its medical cannabis industry. The move came more than three years after the amendment that legalizes medical cannabis use was voted for, reported Marijuana Business Daily.

Mexico now works on bringing all the pieces of the medical cannabis puzzle together, and it has just enabled the companies to apply for research licenses.

According to a Wednesday report, many attorneys believe that those who become a part of the medical marijuana program at first would more easily enter the adult-use market as well, hinting that adult-use legalization is likely expected.