Is Mexico Ready To Go Full Rec?
When most people speak of cannabis often the market they are referring to is most likely the USA. Although the U.S. cannabis industry is the most dominant some new competition may on its way. Back in November, Mexico’s Senate passed a bill that legalized recreational marijuana. Now certain legislators in Mexico will finalize this bill in the begging of the new year. What some may not know is Mexic has had a strong presence in the cannabis world. Mexico is notorious for its drug cartels and the thought behind legalizing cannabis is to neutralize parts of the cartel’s operation.
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Currently, there is a lot of hype surrounding this bill that will legalize recreational cannabis in Mexico. As of there is medical marijuana program in Mexico that allows a person to possess up to 5 grams of cannabis at one time. This new bill will permit up to 28 grams or 1 ounce without facing harsh penalties. This is a truly historic moment for the global cannabis industry as Mexico stands to become the 3rd country in the world to legalize cannabis nationally for recreational use. This comes after Canada and Uruguay. With Mexico going legal it will possibly double the number of consumers who will have access to recreational cannabis.
Mexico May Become A Dominant Player In The Global Cannabis Industry
Although the U.S. is waiting for the MORE Act to pass the Senate many believe with Mexico going legal it will add pressure on the U.S. to do the same. Some of Mexico’s political figures believe that with the country going full rec it will cause a spike in competition. As well as possibly bring the price of cannabis down and maybe lower the number of drug groups that work on the black market.
Back in 2018, the supreme court in Mexico made it clear that cannabis prohibition was unconstitutional. The courts finally took the steps to help after advocates for cannabis took action in the form of court cases. Going one step further some of the advocates went and planted over 700 cannabis plants to press the issue to Mexican legislators. With Mexico looking to become fully legal, it is looked upon as a larger movement by other places around the world.
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Currently, there are 15 fully legal states within the USA along with Canada Uruguay. With more places going fully legal it will only add more value to the global cannabis industry. Many analysts have projected an influx of $50-$100 billion in revenue for the worldwide cannabis industry over the next 10 years.
During this COVID pandemic cannabis has been a booming industry after being deemed essential. Due to stay-at-home orders cannabis has increased in demand. This has caused many marijuana stocks to post better than expected earnings in 2020. With more places going fully legal like Mexico it will only add more money and opportunity to one of the fastest-growing industries in the world.
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