Mexico May Become The Largest Cannabis Market In The World
With cannabis stocks looking to make a full recovery cannabis legislation may add more value in the short and long term. For instance, marijuana stocks have been going through a bit of a downtrend. Yet with the promise of federal cannabis reform, some marijuana stocks are having better days of trading due to speculation. With the end of cannabis prohibition, it will give many new opportunities to other outside markets.
For example, cannabis markets like Europe or Canada would be more involved in the U.S. cannabis industry. As well it will allow many Canadian cannabis stocks to uplist to U.S. exchanges like the Nasdaq and NYSE. In addition to this, it will also inspire other countries to follow suit in legalizing cannabis. Currently, the cannabis industry is one of the fastest-growing industries in the world.
This had led to many people looking to get involved and invest in the cannabis industry. There a many new ways to invest in the industry beyond just marijuana stocks. As mentioned above with more places around the world legalizing cannabis investing in marijuana startups or existing companies looking to expand may be the play for you. The bigger picture of past federal cannabis reform is global cannabis legislation meaning legalizing marijuana worldwide.
With legalization across the globe, cannabis businesses would be able to expand into other regions which in turn may generate more money for the global cannabis industry. Now in 2021 marijuana advocates are pushing for better cannabis legislation to help the growth potential of the entire cannabis industry. In recent news, Mexican lawmakers advance a bill to legalize recreational marijuana.
Mexico Passes Cannabis Legislation
Mexican legislators just passed a piece of cannabis legislation this past Wednesday. This cannabis bill would be the initial step for Mexico to soon become one of the world’s biggest marijuana industries. Delegates passed this piece of legislation in general terms but continued discussing details until later in the evening time. The new cannabis bill that has been approved legislation, will eventually return to the Senate. This would allow for the recreational use of marijuana.
Yet this would as well establish a system of licenses required for the entire chain of cultivation, distribution, transformation, and sales. It would also need people, and not just associations of cannabis users, to have a license to grow cannabis for personal use. Each person would be permitted to cultivate six plants with a maximum of eight per household. Those of the legal age would be able to use marijuana without impacting kids or others around them.
However, if you get stopped with more than 28 grams of dried flower you would pay a civil fine. On the other hand, you can also be penalized with jail time if you got stopped with more than 12 pounds. For those who stand against Mexico, the new cannabis bill believes it will lead to more people using drugs. Back in 2015, the Supreme Court in Mexico was in favor of recreational marijuana.
Pushing Forward For Mexico To Go Full Rec
Pushing forward 4 years later in 2019 the Supreme Court ordered the Mexican government to develop legislation around marijuana. During this time the court made a point to mention that preventing the use of marijuana in Mexico was unconstitutional. Fro this time the court has provided legislators in Mexico until April 30th to pass a law.
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What Does Going Legal Mean For Mexicos Cannabis Market?
President Andrés Manuel López Obrador and the rest of his political party have displayed support of cannabis legislation for the country. Morena who is a part of the President’s party controls the better half of Mexico’s congress and is the one pushing the legislation. Nevertheless, with campaigns initiated for national legislative elections that will take place later this year the final form of the legislation is still evolving.
Some modifications to the bill that may be made by the lower chamber threaten the original intent. For instance, in the current version, Mexican legislators removed building a new government agency specifically for the regulation of cannabis. Rather, the authority of the new market will go to the existing National Commission Against Addictions. Yet if this happens experts feel they do not have the ability to manage something so elaborate.
“They’re going to make the law inoperable,” said Lisa Sánchez, director of Mexico United Against Crime, one of the nongovernmental organizations that has been pushing marijuana legalization for years.
Mexico’s legislators who are in favor of this cannabis bill say it will affect the marijuana market of Mexico’s powerful drug cartels. Wich would ultimately have the control shifted back to the government. Since 2017 the medicinal use of cannabis has been legal in Mexico. As well cannabis is also legal in a number of other Latin American countries. Yet Uruguay is the only country that legalized the recreational use of cannabis. If the Senate passes this cannabis bill without additional modifications, it would take time for things to take effect. Like any new market, the rules and regulations would need to be set in place.
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