Mexico is poised to become the world’s most-populous country with legal marijuana and hemp next month – and, unlike its northern neighbor, Mexico is setting nationwide regulations to cover all forms of cannabis, no matter the THC content, instead of having a patchwork of laws for the two plants.

That could potentially open more business opportunities in the cannabis industry, with the potential for Mexico to export and import from places worldwide where the plants are legal. Mexico does not currently allow hemp cultivation.

“The impact would be quite significant,” said Lisa Pittman, a longtime cannabis attorney at the Texas-based Coats Rose law firm.

“So this bill will basically legalize all uses (and) grants or classifies the types of licenses that will be available, which are five,” said Luis Armendáriz, an attorney in Chihuahua, Mexico, who is affiliated with Denver’s Hoban Law Group.

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