Top Mexican Senator: Cannabis Legalization Will Help Offset Economic Losses From Pandemic
The ongoing coronavirus pandemic is causing economic issues all across the planet right now, and Mexico’s economy is no exception. It will take some time before the true impact of the economic downturn is completely known, however, it is safe to say that things are going to be bad.
A top Senator in Mexico is touting cannabis legalization as a way to help offset the negative economic impact of the pandemic, as reported by Marijuana Moment:
A top Mexican senator says that marijuana legalization could generate tax revenue to offset economic losses caused by the coronavirus pandemic—and lawmakers could have the opportunity to advance reform in a committee that’s expected to be established on Thursday.
Sen. Julio Ramón Menchaca Salazar of the ruling Morena party said that while legislators must still resolve disagreements about legislation that’s already been introduced and advanced through several committees last month, legalizing cannabis could fill treasury coffers at a time when the economy is taking a massive hit under social distancing and stay-at-home orders.
Mexico has produced a significant amount of cannabis over the last handful of decades and has long been a source of unregulated cannabis around the world, especially in the United States.
A vast majority of that cannabis has financially benefitted gangs and cartels, and none of it has generated revenue for the public coffers in Mexico. Mexico is well-positioned to be an international cannabis industry powerhouse, but first Mexico needs to pass an adult-use legalization bill.
In late 2018 Mexico’s Supreme Court issued a ruling that deemed cannabis prohibition to be unconstitutional and tasked Mexico’s lawmakers with passing a legalization measure. That has yet to happen, with lawmakers failing to meet the first two deadlines set out by Mexico’s Supreme Court.