Former President Fox expects Mexico to pass landmark cannabis law next week

From Diego Oré

MEXICO CITY (Reuters) – Former Mexican President Vicente Fox said Friday he expected Congress to pass its new law to legalize cannabis next week, a move that would effectively create one of the largest weed markets in the world.

The bill, backed by the government of President Andres Manuel Lopez Obrador, would mean a big change in a country that has been ravaged for years by feudal drug cartel violence.

Fox, a director for Colombian-Canadian Khiron life Sciences (OTC :), which focuses on cannabis for medical purposes, has been a long-time advocate of decriminalizing marijuana in Mexico.

“We get direct information from lawmakers,” he told Reuters. “It’s information that is pretty trustworthy and solid and should be approved next week.”

A source in the House of Commons told Reuters that the bill would be discussed on Monday. It was supposed to be approved in December but was delayed.

The bill, which the Senate easily passed on a November vote, would create a huge new legal market for marijuana that companies like Khiron Life Sciences would love to tap into.

Canada Canopy growth (NASDAQ 🙂 and The Green Organic Dutchman as well as Medical Marijuana from California are companies that keep an eye on Mexico.

Grand View Research said in a recent study that the global legal market for the facility could be valued at $ 73.6 billion by 2027.

Lopez Obrador has argued that decriminalizing cannabis and other narcotics could help fight Mexico’s powerful drug cartels.

Fox said he wanted to create a marijuana greenhouse and laboratory to study the plant at his Fox Center in Mexico.

“I am convinced that legalizing marijuana is the first step in legalizing all prohibited products,” he said.

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