Surfing the Green Wave Mexico Joins The Cannabis Club!
Mexico is poised to be one of the few countries that have fully legalized all aspects of marijuana!
Mexico is poised to one of the few countries globally to fully legalize all aspects of cannabis along with Canada and Uruguay. Further north, in the United States, they are taking it state-by-state, but the green wave is gradually maintaining moment across North America.
On March 10th, 2021, Mexico’s Chamber of Deputies legalized the production of cannabis for recreational, medical, and industrial purposes. Now, the law must return to the Mexican Senate for the modifications to be approved. After this step, Mexico’s President Andrés Manuel López Obrador needs to sign the bill into law.
Although President Obrador hasn’t been 100% enthusiastic about proposed cannabis changes, it’s predicted that he will sign the bill into law regardless because of pressure from the Supreme Court. Unlike many other countries and states that voted their marijuana changes into effect through the ballot system, in Mexico, it was mandated by the Supreme Court in 2018 after the Supreme Court found that criminalization of cannabis violated the constitutional rights of Mexican people.
What could the legalization of cannabis bring to Mexico?
Like many other countries, some analysts believe that the legalization of cannabis could be a significant financial boon for the country. For example, new Frontier Data, a cannabis industry data analysis company, the cannabis industry in Mexico could be worth as much as $3.2 billion USD annually. Whatever way you look at it, that’s a serious financial investment.
When you consider how cannabis will affect Mexico, you also need to consider its biggest neighbors, the US and Canada, both of which already have large, legalized cannabis markets in place. In addition, several large cannabis companies in the US and Canada are already closely looking at Mexico as both a customer and potential business partner.
With a population of over 120 million people, Mexico would easily represent the largest legal potential cannabis market in the world by population alone. That alone represents a huge domestic cannabis market, even if only 1-2% of the population uses cannabis products regularly.
You also need to consider how the legalization of cannabis in Mexico could affect the United States. Currently, eighteen states in the US have legalized recreational and medicinal marijuana, with a further 18 having implemented some form of medical marijuana program. With their neighbors to the north, Canada, having fully legalized cannabis, and Mexico to the south close to full legalization, it puts a lot of pressure on the US to come up with a federal plan to coordinate cannabis regulations.
It’s already well established that Mexico has huge export and production capabilities. Once marijuana businesses get established in the country, Mexico could easily be one of the world’s largest legal marijuana producers. This legal production would see employment opportunities for citizens, increased wages, and ultimately better-living conditions.
Law enforcement would be able to focus on battling the cartels and other drug organizations, with less time and money spent focusing on marijuana. It’s hard to see past the long list of positives to see any negatives to the legalization of cannabis in Mexico.
There’s also the green tourism dollar. Mexico is already a mecca for millions and millions of tourists worldwide who flock to the country to experience its rich and diverse culture. Adding cannabis tourism into that equation could only help to bring in higher numbers of tourists every year.
Mexico Joins The Cannabis Club – Conclusion
Even if, like Canada, initial predictions into the money to be made from cannabis don’t equate to the high estimates, we’re still talking about hundreds of millions of dollars. Currently, the market exists, but none of that revenue is finding its way back into the government.
The decade-long war on drugs has already proved to be a massive failure. As a result, more and more countries, such as Mexico and Canada, are taking a proactive approach to drug enforcement, including the legalization of cannabis.
We don’t think it will be long before visitors to Mexico can partake in cannabis farm tours, purchase locally grown premium cannabis, and experience everything that Mexico has to offer legally and safely.
If Mexico passes legalization, would you visit? Let us know!
