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420 with CNW – Cannabis Legalization to Proceed in Mexican Congress

Mexico’s president, Andrés Manuel López Obrador, has stated that the legalization of marijuana will proceed through Congress once it reassembles next month.

When asked about a meeting he had with a senator who was pushing for marijuana reform legislation during a press conference last Wednesday, he highlighted the boundaries when it came to the balance and division of powers between the legislative and executive branches of the government. In addition to this, he also stated that the marijuana proposal had existed for quite a while.

He also admitted that the legislature was taking action following a Supreme Court order to lift the government prohibition on cannabis. This was in the wake of the Supreme Court’s ruling that established the ban on possession and personal use to be unconstitutional in 2018.

Despite the legalization bill having proceeded through various committees at the beginning of this year, the coronavirus pandemic delayed the reform effort. The Supreme Court has arranged a later date, for the legislators to pass the change in policy. For now, lawmakers have till December 15 of 2020 to do so.

The bill, which was amended in a joint meeting of various committees earlier this year in March will be included on the agenda, seeing as the Senate will be back in session from September 1.

The bill proposes that adults who are 18 and older be allowed to cultivate and possess cannabis for personal use. If the output does not surpass 480 grams in a year, individuals may be allowed to cultivate up to 20 registered plants. Additionally, medical patients may apply to be allowed to grow more than 20 plants. Personal possession would be limited to not more than 28 grams although possession of as much as 200 grams would no longer attract a jail sentence.

The bill also proposes cannabis sales to be taxed at 12%, with part of the revenue being allocated to a fund dealing with substance misuse treatment. With regards to consumption, public consumption would be allowable except in designated smoke-free spaces with CBD and hemp being excused from regulations pertaining to THC products.

Under the measure, a separate body, that is, The Mexican Institute of Regulation and Control of Cannabis, would be responsible for providing licenses for cannabis businesses as well as regulating the market.

A senator from the ruling Morena Party, Julio Ramón Menchaca Salazar, stated that the legalization of cannabis could be helpful in filling treasury funds as the economy picks up during this pandemic period.

It would be interesting to hear what cannabis firms like Sugarmade, Inc. (OTCQB: SGMD) think about the implications to the regional cannabis market once Mexico establishes a regulated market.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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