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UPC starts scientific research on the quality of medical cannabis in the Peruvian market

Peru, a Latin American country, is beginning to take the medical cannabis market seriously. At the moment, only one pharmacy is licensed to sell cannabis drugs. The Peruvian University of Applied Sciences has launched a survey into the quality of cannabis products on the Peruvian market and will make its resources available to private sector companies with interests in the cannabis market.

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This picture show the ruins of Machu Picchu in Peru.

The Peruvian University of Applied Sciences together with Futura Farms, a company dedicated to the development of cannabis products, will carry out scientific research on products made from medical cannabis that are currently on the Peruvian market.

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The first study of cannabis product quality in the Peruvian market

The first study to be carried out by both institutions aims to gather specialized information from the Peruvian market on the quality of cannabis products, the benefits they offer to patients and their consistency, among other attributes.

“The academy has to bet on this type of research to guarantee the quality of the products that thousands of Peruvians have been consuming. The medical cannabis market is growing by leaps and bounds and the potential for development is very large,” said Raul Injoque, academic director of the Agribusiness career at the UPC.

On his part, Jose Ignacio Escalante, general manager of Futura Farms, pointed out that this is the first research they are carrying out together with the academy in order to contribute with real information about the national market. “The opportunities are very wide and the universities are betting on it,” said the executive.

The global medical cannabis market is set to grow

On this occasion, the UPC, through the School of Agribusiness, will provide the resources of the Research Center where they have different specialists in the sector, while Futura Farms will provide the expertise of the business.

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It should be mentioned that, following the publication of Law 30681 regulating the medical and therapeutic use of cannabis and its derivatives, Peru is an attractive market for a number of investors who see this sector as a big opportunity. According to the Ministry of Health (Minsa), at the moment cannabis is needed by more than seven thousand Peruvians.

The growth potential of the global medical cannabis sector is impressive. Europe is set to be the focus of the boom with a market that could be worth $132 billion by 2023, assuming all European nations legislate for legalized cannabis.

Market surveys, like the one conducted in Peru, will be an important component of this growth. Medical cannabis needs to meet incredibly high standards in order to satisfy doctors and they will refer back to studies undertaken in other jurisdictions.

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(Featured image by skeeze via Pixabay)

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First published in elEconomista, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Suzanne Mitchell juggles the busy life of a full-time mom and entrepreneur while also being a writer-at-large for several business publications. Her work mostly covers the financial sector, including traditional and alternative investing. She shares reports and analyses on the real estate, fintech and cryptocurrency markets. She also likes to write about the health and biotech industry, in particular its intersection with clean water and cannabis. It is one of her goals to always share things of interest to women who want to make their mark in the world.