By Xiu Ying, Contributing Reporter
RIO DE JANEIRO, BRAZIL – Fast-growing Baltimore-based biotech firm Greater Cannabis Company announced that it has entered into a letter of agreement (LOI) with Brazilian retailer CBR Participações SA to market the American technology for cannabis in Brazil.
As part of the agreement, CBR will distribute the products to its network of 300 pharmacies and more than 1,500 point-of-sale retailers in the country, serving Brazil’s increasing market demand for cannabis products.
The agreement should take effect by 2021. “We continue to see explosive interest and growth for our technology in Brazil as the country’s cannabis market continues to expand at an exponential rate,” said Aitan Zacharin, Chief Executive Officer of Greater Cannabis Company.
Cannabidiol (CBD) for therapeutic purposes is legal in Brazil since 2015.
The country began by allowing the import of CBD oil in products that have potential medical benefits and has continued to advance its legislation and legalization