Is Latin America the Next Big (Legal) Marijuana Market?

With the election last summer of a new president and a ruling by Mexico’s Supreme Court in October, Mexico may be the next country, following Canada, to legalize marijuana.

The ruling by Mexico’s high court marked the fifth time that prohibition on recreational marijuana consumption had been ruled unconstitutional. The number of rulings is significant, as five rulings create a precedent that applies to all of Mexico’s courts.

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“I think that, in regards to cannabis, it’s a matter of time for legalization to arrive in Mexico,” he said.

Most of the firms that reached out are based in Colorado, including Vicente SederbergMcAllister Garfield and Hoban Law Group. Armendariz has also spoken with some private equity firms in Canada and an online payment platform company.