After several extended deadline extensions, Mexican lawmakers seem on course to legalize adult use cannabis in the coming weeks.
The most recent indication comes from MORENA Senate majority leader Ricardo Monreal, who says the bill would pass by the end of October and before the Dec. 15 deadline.
Projections expect Mexico to be the most lucrative legalized market, bolstering the nation’s economy.
Passing adult use legislation is also expected to diminish the cartels’ long-running, lucrative narcotics arm. That’s just one of many benefits Mexico hopes to gain from expanding cannabis access.
Related link: Mexico Extends Deadline For Medical Cannabis Use Rules
Adult Use Cannabis Market Expectations For Mexico
“We’ve been waiting since 2017 for the Mexican government to pass legislation on medical cannabis,” said Raul Elizalde, co-CEO of Medical Marijuana Inc. (PINK: MJNA) subsidiary HempMeds.
Elizalde, who consults with lawmakers in the country, said marijuana is just one component of the market’s potential.
“Most conversations until recently have been focused on adult-use cannabis legislation, but there is also great opportunity to regulate industrial hemp,” he said. “We hope that after having a regulation, the CBD market will be worth around $2 billion, and being the first company to receive permits, we hope to get at least 20% of the market.”
With the wait nearly over, a booming …