Mexico, closer to legalizing recreational marijuana and creating the world’s largest cannabis market

The legislation, which is due to be sent back to the Senate for final review and approval, could create the world’s largest cannabis market in terms of population, so companies in the field remain on the sidelines.

In the coming days, the Senate will approve the law, which will come into force once it is published in the Official Journal. However, for its full functioning, the executive must still publish the regulations within a period not exceeding 180 days.

“With this, the false appreciation that cannabis is one of the serious public health problems in Mexico is being ignored. On the contrary (…) the prohibitionist regulations have only succeeded in aggravating the problem and generating a increased drug trafficking and deaths, “he told Simey Olvera, MP of the ruling Morena party.

“Today we are making history,” added the Coven woman with a mask stamped with marijuana leaves.

In November, the Senate approved the legalization of the plant. However, the lower house postponed discussion of the controversial law, arguing it needed more time to analyze it.

At the end of 2013, Uruguay became the first country in the world to legalize the production and sale of marijuana. Other countries in the region such as Argentina, Chile, Colombia and Peru allow the use of medicinal cannabis.

MARKET POTENTIAL

The regulation, generally approved by 316 votes for and 127 against by the deputies, proposes to grant to the state the function of issuing five types of licenses to control any of the acts related to cultivation, processing, sale , research and export or import. of marijuana.

The “General Law for the Regulation of Cannabis,” proposed by Morena, states that only people over the age of 18 can cultivate, transport and consume marijuana and its derivatives.

In addition, up to 28 grams of possession would be allowed. If someone is found with between 28 grams and 200 grams of marijuana without permission, they would be fined and possession of more than 200 grams would result in criminal penalties.

However, lawmakers have yet to pass dozens of reserved articles that could result in rule changes.

“We are very concerned that vertical integration is allowed, leaving the way open for large foreign companies and blocking the way for Community producers; the decision aims to make the use of substances a business and not a right” , said Ana Lucía Riojas. independent deputy.

With respect to marketing, regulations allow individuals and businesses to sell cannabis to adults in licensed establishments. The state will establish maximum levels for THC (psychoactive substance in marijuana) and CBD (cannabidiol).

Additionally, it is proposed that hemp be regulated differently from psychoactive cannabis. The plant is used for its strong fiber, as an ecological fuel, to make cellulose paper and for its seeds rich in omega 3.

Some industry players such as Khiron Life Sciences, Canopy Growth and The Green Organic Dutchman, from Canada; and California-based Medical Marijuana, Inc., recently said they were eager to access Mexico, which, with a population of 126 million, is fast becoming the largest in a market of several millions of dollars.

Since President Andrés Manuel López Obrador took office in December 2018, he has brought the issue of decriminalizing marijuana and other drugs to the table, as part of his strategy to fight powerful crime. organized that mourned tens of thousands of Mexicans. families.