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On Wednesday, the Mexican Supreme Court ruled against the “absolute prohibition” of cannabis for recreational use.
On Wednesday (October 31), the Mexican Supreme Court ruled against the “absolute prohibition” of cannabis for recreational use.
The court, in a tweet, shared a statement confirming the rulings allowing the right for the use of recreational cannabis by adults. The court also said the use is not an absolute right and its consumption could be regulated.
The ruling doesn’t immediately open the doors for a new marketplace of adult-use cannabis, as this special ruling was given to two specific cases brought to the courts.
Ruling becomes new standard in country
The decision is a win for marijuana advocates as it shows a crucial court body saying the consumption of recreational cannabis shouldn’t be made illegal.
In a scrum interview with Mexican newspaper El Universal, the President-elect Andrés Manuel López Obrador called for the public to respect the decision from the supreme court.
The ruling from the Supreme Court, according to the Mexican paper makes invalid the previously placed laws in terms of the personal use of the drug. Other courts in Mexico will now have to abide by the ruling from the supreme court.
According to Reuters, officials of the incoming Mexican president have shown support to the idea of legalizing cannabis upon arrival into power.
A report from Marijuana Moment indicates the Mexican Congress has now 90 days to repeal laws deemed unconstitutional for cannabis.
Investor takeaway
The trend of legalization continues across the board. Now with the potential for a new market to appear in Mexico, companies with international intentions could announce plans as soon as the new Mexican government, which steps in on December 1, announces its legalization platform.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
