The Senate approved the decriminalization and regulation of recreational personal use of marijuana in Mexico.
The global legal marijuana market could be worth around $ 146 billion by 2025.
In Latin America, Brazil leads the segment in consumption, but is closely followed by Mexico, Colombia, Chile and Argentina.
After the Senate approved the decriminalization and regulation of recreational personal consumption of the marijuana in the country in general, the secretary of Treasury, Arturo Herrera, warns that the Special Tax on Production and Services (IEPS) will be levied.
The official explained that the IEPS is a tax that is used for goods that produce direct or secondary evils, such as gasoline, which generates pollution, thus seeking to discourage the use of automobiles with the tax. The same happens with alcohol and, in some countries, with sugars, so it will now happen with marijuana.
“If it is approved (the use of marijuana) it will have to be taxed with the IEPS, that, clearly, is going to be the channel through which it will have to be implemented.” The product has been permanently under scrutiny and it is until now that it is thought as a market and therefore, as products with their corresponding taxes.
The Plenary of the Senate had 82 votes in favor, 18 votes against and seven abstentions. In particular, the vote was 72 votes in favor, 13 against and two abstentions. The opinion was therefore sent to the Chamber of Deputies, where the legislative process will follow.
Marketing will be limited to establishments authorized by the new Institute. They must meet certain requirements to obtain their license and can only sell a maximum of 27 grams of marijuana per day to a single person. Consumption was expanded to eight psychoactive cannabis plants per person, which must remain in the home or house and may carry up to 27 grams.
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The legal marijuana market could be worth around $ 146 billion by 2025 in the world. When it comes to consumption, Latin America, Brazil leads the segment, but is closely followed by Mexico, Colombia, Chile and Argentina. The countries in Latam await the dictates of their authorities in this regard.
It is worth mentioning that the Federal Commission for the Protection Against Sanitary Risks (COFEPRIS) issued at the end of 2018, approximately 60 permits to produce food, beverages, cosmetic and pharmaceutical food supplements from cannabis. Among the benefited companies are CBD Life, Medimex, Hemps Meds, Farmacias Magistrales, Finat México, Pharma Oli Solutions, The Clinic Pain Relief Center, Endo Natua Labs and Kuida Life México.