In a historic milestone for the cannabis industry in Mexico and worldwide, the Mexican Senate approved on Thursday, March 11, 2021, the total legalization of cannabis, including its recreational use. This milestone makes Mexico the third country on the American continent to globally legalize cannabis together with Canada and Uruguay. The initiative makes it possible to consume cannabis at home without the presence of minors, to have up to eight plants per home and to create smokers’ associations with a maximum of 50 plants.
It also establishes a licensing system for the planting, cultivation, harvest and sale of marijuana and derivatives with non-psychoactive cannabis in Mexico. This supposes the creation of the largest legal cannabis market in the world with 88 million adults as potential consumers, opening a unique opportunity for companies such as Yura Group, present in this market through its subsidiary YuraMex, which has the capacity to import to Mexico flower and extracts of the highest quality from its production center in Colombia, to produce and sell in the Mexican market ‘Made in Mexico’ products derived from cannabis.