The bill would regulate cannabis use, sale and research while also mulling partnerships to grow marijuana and the creation of a regulatory body

Mexico’s Senate may fully legalize recreational cannabis by the end of October, suggests a prominent policymaker in the country.

Senator Ricardo Monreal, leader of President Andrés Manuel López Obrador’s upper majority party, told Reuters on Monday that the Senate will vote on a proposed bill within the next few days in a move to take a source of income from Mexican gangs.

“The end of the prohibitionist policy is good for the country,” Monreal said.

The bill would regulate cannabis use, sale and research while also mulling partnerships to grow marijuana and the creation of a regulatory body. If Senate approves the proposal, it would proceed to the lower house for a vote, where the president’s party and its allies also holds a majority.

López Obrador has expressed a willingness to decriminalize cannabis, although in 2018, the country’s Supreme Court also gave the government until Oct. 24, 2019 to make legalization a reality after ruling not doing so is would violate the constitution.

A public referendum could also be held to determine if cannabis should be legal.

“We will know in the next few days if we’re able to build a (legislative) consensus or if we wait for the referendum,” Monreal said.

This comes after lower house majority leader Mario Delgado pushed for the country to regulate the sale of cannabis, though Monreal plans to keep it “more open.”

Khiron Life Sciences Corp., headquartered in Toronto, also announced today that it took part in a forum with the country to help move towards cannabis regulation, as well as confirmed legalization in Mexico is expected by the end of October 2019.

“The legalization of medical and adult-use cannabis will be a historic moment for 130 million people across Mexico,” read a press release from the company.

“Upon legalization, Mexico will be the most populous market to fully legalize cannabis nationwide, with an industry estimated to be worth US$1.2 billion by 2028.”

• Email: bhristova@postmedia.com | Twitter: bobbyhristova

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