420 with CNW – Mexican Lawmakers Get Set to Legalize Pot in April

As the legislature resumes their sessions next month in Mexico, lawmakers are preparing to push for marijuana reform since they have been seen circulating an amended bill amongst themselves. The amended legislation seeks to legalize and regulate cannabis sales within Mexico.

The amended legislation was filed by the Justice and Health committees. It would allow possession of a maximum of 28 grams of marijuana per adult and cultivation of a maximum of six plants for personal use. It also has a provision allowing people to apply for a license to carry more than 28 grams of weed but not above 200 grams.

Next week Senator Ricardo Monreal Avial will be holding a meeting with the Interior Secretary Olga Sanchez Cordero and the legal advisor to the president, Julio Scherer, to discuss the marijuana reform bill since the proposed measure is not final, and he considers it as a next step process.

The amended legislation has a provision where people found carrying marijuana ranging from 28 grams to 200 grams would be charged a fine of about $560. Stringent measures would be taken against adults found possessing more than 200 grams of weed.

A new regulatory body, the Mexican Cannabis Institute, would be created to issue business licenses and create rules for the marijuana market. The legislation also aims to promote social equity by prioritizing people from areas impacted by prohibition when issuing cultivation permits.

According to Milenio, the Mexican Marijuana Institute would also be allowed to fund research on the cultivation of marijuana, which is to be sold commercially through grants.

The amended bill comes a year plus after the Supreme Court in Mexico passed a ruling to end federal laws prohibiting cultivation and possession of marijuana deeming it unconstitutional. Since then, lawmakers have been working to establish a scheme allowing recreational marijuana in the country.

The Senate made progress with the bill by holding several public gatherings to educate the public, and in one of the meetings, they featured a former White House drug czar, but the legislature did not meet the court-appointed deadline for the approval of the legislation, which was October 2019; therefore, they requested for an extension. The Supreme Court extended the deadline to April 30, 2020.

The new bill has some minor changes, such as amending the business licensing scheme where it classifies it into five types of licenses. These include cultivation, transformation/processing, marketing, exports, and imports as well as research.

Montreal said that some leaders are not in favor of the measure, but the lawmakers are hoping to legalize marijuana before the deadline.

It would be interesting to hear what cannabis companies like Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) have to say about the implications of legalizing recreational marijuana in Mexico.

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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