Mexican lawmakers plan to legalize cannabis for economic recovery

Date: 2020-05-01   Author: Pankaj Singh  Category: #news

Mexican lawmakers plan to legalize cannabis for economic recovery

Julio Ramón Menchaca Salaza, a Mexican Senator, is planning to be banking on legalization of marijuana to generate tax revenue in a bid to compensate for the economic distress caused by the COVID-19 pandemic.

The Mexican senator believes that there are still details that are to be discussed but encouraging cannabis legalization is likely to play a significant role in economic recovery of the country as it can promote tax collection as well as employment. Farmers will also be benefitted as they would be free to cultivate both industrial hemp and marijuana.

The intended initiative will aid in country's pacification process as the criminalization of cannabis has given way to criminal organizations to cover the demand. Reportedly, the proposed bill would allow adults above 18 years of age to possess or cultivate marijuana for personal use. Medical patients can also apply for cultivation of more than 20 plants.

An individual would be allowed to grow around 20 registered plants as long as the total yield does not exceed 480 grams/year. Personal possession limit will be 28 grams. Although possession of around 200 grams would be decriminalized.

As per sources close to the matter, the Mexican Institute of Regulation & Control of Cannabis would be regulating the industry along with issuing of licenses for cannabis businesses. As per the bill, 12% tax would be applicable on cannabis sales, while some of the total revenue would be directed towards a substance misuse treatment fund.

CBD and hemp would be exempt from regulations that apply to tetrahydrocannabinol products. Public consumption of marijuana would be permitted, except in places designated as no-smoking zones.

After the Supreme Court ordained that the prohibition on cultivation and personal possession of cannabis as unconstitutional in 2018, it had set deadlines for Mexican Congress to legalize the herb and the dates have been pushed back many times. The panel is issued to advance the process of negotiations. However, the legislation would still have to be approved by the full Congress.

 

Sourced credit: https://www.marijuanamoment.net/mexican-lawmakers-set-to-take-up-marijuana-legalization-bill-with-focus-on-economic-recovery/



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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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