Mexico will become the world’s most-open country with industrial hemp next month. And unlike the US, Mexico is setting regulations to all forms of cannabis the whole country, including the industrial hemp products’ THC content, the density of CBD, etc..
It Means More CBD Business Opportunities
Mexico does not currently allow hemp cultivation. Mexico will export and import cannabis from places where the plants are legal globally, which will give more market potential to the global industrial market.
“The impact would be quite important,” said Lisa Pittman, a longtime cannabis attorney at the Texas-based Coats Rose law firm.
” Canada and Uruguay have already legalized cannabis, and Mexico already has quite a long history of using cannabis and shipping cannabis across the United States’ borders.”
She added that the United States’ federal prohibition on marijuana – and, until recently, hemp – has presented “obstacles to banking and capital-raising and taxation.
This behavior of the Mexican government will let the hemp industrial more energetic than the USA.
It would be long for Mexico to set up regulations for how hemp and marijuana businesses can grow and sell cannabis products. But some of Mexico’s most prominent retail chains already are interested in importing CBD beverages and topicals, hemp manufacturers in the US say.
They’re getting calls from retailers, wholesalers, distributors and so on, who are interested and concern there’s going to be a big market in Mexico. A CEO from a company that makes CBD-infused water.
He refused to specify exact retailers, citing ongoing negotiations.
“So this bill will legalize all uses and grants or classifies the types of licenses that will be available,” said Luis Armendáriz, an attorney in Chihuahua, Mexico. The latter is affiliated with Denver’s Hoban Law Group.
Although Mexico currently does not allow cultivation of industrial hemp, it can be imported as raw material for construction or textile material, Armendáriz said.
The specific implementation of the Mexican Cannabis act
A cannabis board would be established to regulate commercial opportunities and issue licenses for all activities. The board would regulate all forms of cannabis. It was unwise to ban the use of marijuana for personal use, the Supreme Court’s landmark ruling said in 2018.
The bill makes its way through Mexico’s Congress to establish hemp as a “nonpsychoactive” form of cannabis, putting a 1% THC limit about the plant. Adults can possess up to 28 grams and grow four plants personally. And a family’s limit is 6 plants.
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