Mexico’s Supreme Court cannot craft legislation which has led to the delay
For much of the past half-decade, marijuana has been one of the fastest-growing industries. After generating $3.4 billion in worldwide sales in 2014, global weed sales more than tripled to $10.9 billion by 2018. According to various Wall Street estimates, worldwide pot sales should hit $50 billion on an annual basis by 2030, with North America generating the bulk of this revenue.
Although there are more than three dozen countries around the world where medical cannabis has been legalized to some degree, it’s recreational marijuana that’s going to be the industry’s long-term revenue driver. The patient pool for adult-use weed is considerably larger than it is with medical marijuana, and recreational sales tend to cannibalize the medical pot industry, once legal. After all, there’s no need to wait for a physician’s prescription if you can simply walk into a dispensary and buy cannabis products.
To date, only two countries in the world have waved the green flag on recreational marijuana. Uruguay was the first to do so in December 2013. The second was our northerly neighbor, Canada, which officially began selling adult-use marijuana on Oct. 17, 2018. The question has been, with popularity for cannabis budding like never before, which country would next to legalize recreational pot?
Mexico’s Supreme Court extends the recreational cannabis legalization deadline… again
We appeared to get our answer to this question on Oct. 31, 2018. On that date, Mexico’s Supreme Court ruled that it was unconstitutional to ban the possession or use of recreational marijuana. This happened to be the fifth time that Mexico’s highest court had issued this ruling, which in Mexican law makes this ruling the standard to be set throughout the country. Effectively, Mexico’s Supreme Court gave adult-use marijuana a green light on Halloween 2018.
However, Mexico’s Supreme Court is only able to decide what is and isn’t lawful. It has no say on actually crafting legislation. Thus, this ruling meant Mexico’s lawmakers would need to come together to develop a framework for a regulated and legal marijuana market. The Supreme Court gave lawmakers a full year to get that done.
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