Mexico this week moved closer to legalizing the use and sale of marijuana. And while details such as whether you need a license to grow up to six plants in your home are still up in the air, some American companies are preparing to tap the market.
“It’s a great opportunity for international companies, Canadian and U.S., to start investing in Mexico. I think it would be a mistake not to,” said Raul Elizalde, CEO of HempMeds, a subsidiary of Medical Marijuana Inc.
The Chamber of Deputies this week approved possession of personal amounts and retail sales of cannabis products. People may consume marijuana in their homes if no minors are in the room. Mexico’s Senate previously gave consent and must now green-light changes in the lower house.
“The law passed with minimal changes from Senate. It will return to the Senate and it’s likely it will pass immediately and be published very soon,” Elizalde said. “It basically approves harvest of cannabis, transformation, sales and transportation of the product.”
But don’t look for dispensaries to open the next day. A Mexican supreme court April 30 deadline forced Mexican lawmakers into a “put the horse before the cart” scenario. Elizalde said he doesn’t expect final guidelines on legalization until March 2022. What he does expect are lawsuits. [Read more at Border Report]