Leading cannabis market company expects release of new products by Anvisa in 2024

By Leandro Maia

The growth of cannabis-based products is remarkable in the Brazilian market. GreenCare, one of the main companies in the sector, emerges as the market leader, as revealed in a report by Close Up Farma, disclosed by Valor Econômico on this Friday, October 6th.

Close Up Farma is a company specialized in pharmaceutical auditing.

GreenCare has reached a significant 35% share in the country's phytotherapeutic market, establishing itself as the top choice for consumers and doctors seeking cannabis-based products or medicines derived from medicinal plants.

Medical Prescriptions and Product Variety

With over 30% of medical prescriptions for cannabis-based products issued in Brazilian pharmacies, GreenCare solidifies itself as an influential player in this expanding scenario. The company offers the largest portfolio available in the market, including three product presentations. Thus, the "full spectrum" variety, which contains not only cannabidiol but also other plant compounds, stands out as the market leader. In addition to these products, GreenCare has at least two new presentations scheduled to reach the market by the end of 2024, with other products still awaiting approval from the National Health Surveillance Agency (Anvisa).

Exponential Growth in the Market

According to Valor, in the first semester of this year, sales of medicinal cannabis in pharmacies increased by an impressive 137%, totaling 140,1 thousand units sold. In terms of revenue, sales grew by 123%, reaching R$ 59.5 million. Considering the monthly average, GreenCare has already served over 35 thousand patients since the beginning of its operations.

Significant Movements in the Sector

In an interview with Valor, Martim Prado Mattos, president and co-founder of GreenCare, highlights two crucial developments in the cannabis market. Firstly, the publication of resolution 327 by Anvisa opened the doors for companies to commercialize cannabis-based products in Brazilian pharmacies. Additionally, there is a shift from first-generation products, containing isolated cannabidiol, to second-generation products, the so-called "full spectrum," which have more active ingredients beyond cannabidiol, revealing an enhanced therapeutic effect.

In conclusion, he emphasized that products registered by Anvisa will have to prove their effectiveness through clinical studies, acting as a second market filter. "Few companies will be able to transition to definitive registration."

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