MedReleaf joins ranks of Canadian medical marijuana exporters

MedReleaf has joined a growing list of Canadian licensed producers exporting medicinal flower and oil products overseas.

The Markham, Ontario-based company on Tuesday said it completed the first-ever shipment of medical cannabis oil to Brazil. It was also the first cannabis-based drug export for MedReleaf, which lists as LEAF on the Toronto Stock Exchange.

While the transaction involves just one patient, it “serves as a demonstration of … the company’s commitment to international growth,” MedReleaf said in a news release.

After a years-long struggle with patients, Brazil’s health care regulator handed out the country’s first license for the sale of a cannabis-based drug earlier this year.

Canadian companies are taking note of Brazil’s potential market of 200 million people.

Canopy Growth Corp. (TSE: WEED) of Smiths Falls, Ontario, co-founded a Brazilian subsidiary to import Canadian MMJ until it sets up its facilities in the country, while Nanaimo-based Tilray also has business ties in Brazil.