Mexico May Follow U.S. Lead in Cannabis Legalization
Ryan Allway
June 10th, 2014
Policy, Top News
President Enrique Pena Nieto recently indicated that Mexico and the U.S. couldn’t pursue diverging policies on marijuana legalization, suggesting that the country may be open to relaxing its marijuana laws. More liberal policies could help reduce the gang violence that continues to plague the country by reducing cartel profits and raising tax revenue that could be used to fight back.
In an interview with El Pais, Pena Nieto said, “It needs to be reviewed. I repeat, I’m not in favor of legalization; this is a personal conviction. But we can’t continue on this road of inconsistency between the legalization we’ve had in some places, particularly in the most important consumer market, the United States, and in Mexico we continue to criminalize production of marijuana.”
Currently, 73% of Mexicans support the legalization of marijuana for medical purposes, but the majority still opposes outright legalization. In February, the country’s leftist opposition presented an initiative to legalize medical use of marijuana, signaling a potential change in policy. Full legalization will likely require the support of voters, however, before it gets put on the table.
Many Mexican politicians believe that the inevitable legalization of marijuana in California would make the ban in Mexico unsustainable. Some analysts expect such legalization efforts to pick up steam during the 2016 elections.
Notably, Mexico made it legal to carry up to 5 grams of marijuana, 500 milligrams of cocaine, and tiny amounts of heroin and methamphetamines, although reformers say that more must be done in order to cut crime.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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