Could a Legal Weed Trade Help Mexico Combat the Blow of COVID-19?

Mexico

A new bill has been filed in Mexico’s federal legislature, and it would essentially mean the legalization of adult-use cannabis nationwide. This bill has been filed in an effort to reduce the economic damage being felt by the country as a result of the coronavirus pandemic. This move could start a new revenue stream, not only for individuals but for the country as a whole.

The bill would allow adults over the age of 18 to carry up to 28 grams of cannabis flower, and grow 20 plants, yielding up to 480 grams of bud a year. This legislation would also allow for public consumption of the herb, too, any place where tobacco smoking is legal. This bill would also see the implementation of a regulation and control board that would oversee the legal market.

Mexican Senator Julio Ramón Menchaca Salaza said that this opportunity was one which he did not want to see go to waste. If passed, Senator Salaza’s bill would apply a 12% tax on commercial cannabis sales. This revenue would allow local and federal governments to get in on the action, which could be quickly converted into millions of dollars, much needed to get the economy running in a stable fashion once again.

Mexico has been looking to legalize marijuana for a while now, but they missed a deadline last year. However, the stressful weight of COVID-19 and the impact it is having on the economy has inspired lawmakers to work towards financial relief measures, including a legalized cannabis industry for the country.

While the bill sounds promising, decision makers are not planning on passing the bill until it has been discussed in detail and in person. This comes with its own set of struggles, due to the coronavirus keeping most people locked away in their homes.

It is not quite clear when the legalization proposal will finally be subject to a vote, but Salaza remains positive that a legalized cannabis trade could help provide financial relief for Mexico during this turbulent period.

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