What does the legalization of cannabis mean for Mexico, and how will it affect the country’s economy?
As a result of the bill’s legalization, some limitations would be implemented, such as limits on the amount of cannabis you are allowed to possess at any given moment.
In an article published by CNN, it was claimed that “the legislation is anticipated to allow adults from the age of 18 up to smoke cannabis, grow up to eight plants for personal use, and transport up to 28 grams of cannabis.” It will also issue licenses for the cultivation, study, and export of cannabis,” the statement continued.
In what ways does Mexico’s legalization of cannabis and hemp benefit the country?
Mexico’s cannabis market is anticipated to be worth $3.2 billion USD per year, according to industry estimates.
Some of the benefits of this billion-dollar sector for Mexico would include the creation of jobs, the generation of millions of dollars in profits, and the generation of tax money for the government. When looking at the figures from Canada, where cannabis has been allowed since 2018, it is clear that the economy has benefited from the legalization.
Some of the industry’s most prominent figures have stated that the medicinal goods derived from cannabis and hemp will be significant contributors to the country’s economic recovery, as the new legislation will control their usage and distribution. Both cannabis and hemp plants have the potential to be used to manufacture products like as plastics and paper, providing Mexico with an additional source of cash.
Mexico currently has a population of more than 130 million people, according to official figures. While the legalization of the plant could result in increased revenue, Mexico would also be able to reap the health benefits of CBD and hemp products without the necessity for a prescription in order to profit from these benefits.
Despite the fact that the United States of America currently has 15 out of 50 states that have legalized cannabis for more than just therapeutic purposes, the legalization of cannabis in Mexico could serve as a catalyst for the United States to continue legalizing cannabis throughout the country.
On March 31, 2021, New York State became the 15th state in the United States to legalize the use of cannabis. With the legalization of the plant in Canada and Mexico, there is a greater likelihood that more states in the United States would follow suit.
The legalization of cannabis and hemp in Mexico would be a wise decision on the part of the country’s leaders. Because of the economic benefits, health benefits, and industry benefits associated with cannabis and hemp, Mexico may have a significant opportunity to become the cannabis and hemp industry leader.
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