New legislation currently being drafted by lawmakers in Mexico would legalize recreational cannabis in the country.
According to Marijuana Business Daily, Mexican lawmakers are trying once again to establish the framework for a legal cannabis industry in the nation. If the bill proceeds, Mexico would be the third country in the world to fully legalize cannabis on a federal level for recreational purposes. The senate published a document on a government website, and is a draft that is thought to be the current bill text that is planned for future law.
The new legislation written up by the Mexican government discusses the rules and regulations for this new market. This would be the largest recreational cannabis market in the world based on population alone, well ahead of Canada and Uruguay. If this passes, hemp will also be approved in Mexico.
There are many possibilities for legalization in a country with a large population like Mexico. The country is home to more than 125 million people and offers plentiful opportunities for the national industry to grow. Legalization could also help boost the Mexican economy as well.
The Senate’s bill is just a draft of the proposed rules for now, and it could be a while before anything is finalized. There are still rules being outlined that limit foreign ownership, vertical integration and license resale, and many fear this could hurt the market.
The commissions of justice, health and legislative studies will be presenting the legislative act to the senate for a vote, and then it will be clear whether it becomes law. If it does, the law will probably be revised.
Mexico has been stalling on the legalization deadline for some time. Legal cannabis could hurt the illegal cartels and support a healthy, responsible industry. Hopefully this latest development bodes well for cannabis in Mexico.