Months ago, Mexico’s Supreme Court decriminalized the recreational use of cannabis, calling prohibition unconstitutional.
Now, there’s speculation the Senate in Mexico could soon legalize cannabis sales in the country, as well.
In fact, according to Marijuana Moment, “Senate Majority Leader Ricardo Monreal Avila of the ruling MORENA party has been pushing for the reform and recently said that there’s agreement among leading lawmakers to prioritize legislation to regulate cannabis.”
Even better, with the higher court ruling, and potential legislation, Mexico could become one of the hottest cannabis markets in the world. Helping, according to New Frontier Data, “Mexico is the second-most populated country in Latin America, with more than 1.4 million cannabis consumers, including nearly 850,000 regular users. Mexico’s total potential market revenues are substantial.” All could be substantial catalysts for companies such as Xebra Brands (CSE:XBRA), Aurora Cannabis (NASDAQ:ACB)(TSX:ACB), Canopy Growth (TSX:WEED)(NASDAQ:CGC), Tilray Inc. (NASDAQ:TLRY)(TSX:TLRY), and OrganiGram Holdings (NASDAQ:OGI)(TSX:OGI).