Panel Room: The Exporting of Pharmaceutical Grade Cannabioids
the export of pharmaceutical grade cannabis has a bright, but complex future. The global market for cannabis products is huge, and it continues to grow at a rate of about 54% per year. As the market grows, more consumers will seek products they can trust, and since internal labs do not exist everywhere, the need for foreign imports will grow exponentially. Labs that meet requirements then have a tremendous opportunity to meet the growing global need for high-quality cannabis.
For those that do wish to enter the global export market, there are a few key steps to getting there. First, import/export is usually guided by Federal laws, rather than state or provincial laws. So, to import/export medical cannabis, labs must first know federal regulations on medical cannabis. Right now, medical-use cannabis is legal in Canada and Mexico, much of South America, Australia, most of Central Europe, and parts of Africa. Next, labs would need to reach out to and create deals with reliable buyers to begin exporting goods. Once a deal is struck, manufacturers will next need import/export permits. After permits are approved, products can be shipped. However, measures will be needed to ensure quality is retained along all parts of the supply chain. For example, can the shipping company ensure the product is maintained at proper temperatures, humidity, etc. to certify the product arrives in the same condition in which it was shipped? Furthermore, will the buyer also keep the integrity of the product prior to distribution? These are all factors manufacturers must consider when entering the export market.