This week, Mexico’s supreme court has ruled that the absolute ban on recreational consumption of cannabis by adults unconstitutional. Now lawmakers will be in charge of implementing new laws that will regulate cannabis consumption throughout the country.
The supreme court has decided that it is an adult’s fundamental right to decide what recreational activities that they would like do to without interference from the government. This ruling will move Mexico towards the official legalization of cannabis consumption.
Mexico’s supreme court finding could entice new public companies involved in cannabis and hemp markets to look to Mexico to set up operations involved in the cultivation, manufacturing, and distribution of cannabinoid based products. Some public companies have already entered into the cannabis market in Mexico such as Medical Marijuana, Inc., Aurora Cannabis Inc., Khiron, and The Organic Green Dutchman.
Mexico is essentially an untapped market. Companies that jump at the chance to take advantage of a change in legislation throughout a new country will profit. It is projected that the cannabinoid industry in Latin countries will be worth $13B within the next decade.