Mexico May Nationalize the Cannabis Industry
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| Photo courtesy of Fool.com |
Today in a meeting with corporate executives and persons
involved at the highest levels in the Mexican Cannabis industry (no names
obviously), a very uncomfortable point was made.
The discussion topic, the only one on anyone's lips for a
week now: The virtual shut down of the CBD / Cannabis industry in Mexico.
https://mjbizdaily.com/mexico-revokes-cannabis-guidelines-throwing-licenses-into-doubt/.
One member in the meeting has testified before the Mexican
supreme court, making steps toward the decriminalization of marijuana, as well
as before the senate in a Bill that would completely legalize marijuana in all
forms. The referendum stands before Mexico’s congress and they have until the
end of May to decide.
This bill would legalize all cannabis products including
recreational use of marijuana. Meanwhile, each person gave their opinion as to
why the government has revoked all previous approvals for production of hemp
cbd’s and marijuana, and their ideas of what changes would be made so that the
new government could profit most from it. The most common reason given which
has been put forward by the press is government corruption as it's no secret
that current president Lopez Obrador "AMLO" has nothing but contempt
for former president Vincente Fox.
Fox has led the charge for controlled legitimization of the
cannabis industry in Mexico. He is a part owner of and director of several huge
international cannabis companies, so naturally the popular view is that AMLO's
administration pulled the plug on the CBD approvals recently granted by the
Mexican FDA (Cofepris) mainly to hurt Fox and the political power he wields.
This argument carries a great deal of weight since 30 of the 38 approvals were
given to a company where Vicente Fox sits on the board.
Now for the bomb shell; Since 1938 Pemex, a $500 billion
state owned oil monopoly, has controlled all aspects of the Petroleum industry
in Mexico. AMLO could easily be described as the Bernie Sanders of Mexico. The
natural conclusion of this escaped no-one at the table: That perhaps the
present administration plans to place the Mexican Cannabis industry in the
public domain, nationalizing what may become one of the largest trade unions in
Mexico.
The next two months will be very interesting. I'll keep you
posted.
Market News First (MN1.com) Reports:
Reported by Mike Spencer, MN1.com News Correspondent,
Reporting from Guadalajara
Michael Spencer is a News Correspondent, Cannabis Sector
Mexico. He is a corporate consultant to many of the top players in the Mexican
cannabis industry, from retailers to extraction operations and growers, to the
power elite and politicians behind the scenes.
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