Brazil set to import cannabis in Espírito Santo

Espírito Santo is a state in Brazil. Its capital is Vitoria, and the largest city is Serra. With an extensive coastline, the state hosts some of the country's main ports, and its beaches are significant tourist attractions. Tourism plays an ever-increasing role in the state although international tourism is rarer. This year, Espírito Santo decided to start importing cannabis products.

Geographical location and tax incentives have attracted the attention of the pharmaceutical industry to cannabis in Espírito Santo (ES).

This is after the regulation of the manufacture and sale of cannabis products in Brazil by the National Health Surveillance Agency (Anvisa).

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Attractive locations for cannabis in Espírito Santo

The cultivation of the plant remains forbidden in Brazilian territory. To overcome this obstacle, companies that settle in this market will need to import the products.

According to the State Health Secretariat (Sesa), 17 patients already receive medical cannabis in Espírito Santo.

“Patients with recommendation and prescription for the use of products with THC and/or CBD substances present in the plant will be able to buy the medicines directly in pharmacies,” concluded businessman Valter Luis Macedo de Carvalhaes Pinheiro.

Espírito Santo hosts some of Brazil’s main ports with beaches that are significant tourist attractions. (Source)

Pharmaceutical cannabis in Espírito Santo

The entrepreneurs who work in the distribution of pharmaceutical and hospital drugs in the region chose the state of Espírito Santo to receive all their imports. Experts predict revenues above $1 billion (R$ 4 billion) in the next three years.

“There is an estimated tax collection on these drugs of more than $245 million (R$1 billion) per year. I am betting on the international trend where the medicinal use of the drug reaches billionaire figures,” he said, commenting on the process.

(Featured image by ivanbarbosa19971 via Pixabay)

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Daphne Freeman has worked in the crowdfunding and impact investing industry for the past few years, gaining experience in marketing, and connecting businesses and entrepreneurs in need with the right investors. As a seasoned grant writer as well as financial market journalist, she is passionate about making a social impact in the world. A free spirit, Daphne also enjoys writing and exploring topics of interest, currently CBD, health and beauty, and social media influencers.