What happened
Marijuana stocks bounced higher in Wednesday trading. As of 2:35 p.m. EST, shares of Aurora Cannabis (NYSE:ACB) had risen 2.4%, while larger Aphria (NASDAQ:APHA) and Canopy Growth (NASDAQ:CGC) had notched bigger gains of 3.7% and 4.4%, respectively. For a change, this time the strength seen in marijuana stocks has nothing to do with marijuana legalization in America.
This time, it’s all about Mexico.
Image source: Getty Images.
So what
As The Wall Street Journal reports, the Mexican Congress is set to transform Mexico into “the world’s largest legal cannabis market” in an upcoming vote that will legalize recreational use of the drug “throughout the supply chain, from farming to distribution and consumption.”
Mexico’s Senate has already signed off on the legislation. Senators are currently working with their counterparts in the lower house of Congress to agree on a joint bill, with even more lenient restrictions on the amount of marijuana a person can carry in public, which could be approved as early as next month.
Now what
If advocates for the legislation have their way, Mexico could soon become the third country after Canada and Uruguay to completely legalize marijuana for…
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What happened
Marijuana stocks bounced higher in Wednesday trading. As of 2:35 p.m. EST, shares of Aurora Cannabis (NYSE:ACB) had risen 2.4%, while larger Aphria (NASDAQ:APHA) and Canopy Growth (NASDAQ:CGC) had notched bigger gains of 3.7% and 4.4%, respectively. For a change, this time the strength seen in marijuana stocks has nothing to do with marijuana legalization in America.
This time, it’s all about Mexico.
Image source: Getty Images.
So what
As The Wall Street Journal reports, the Mexican Congress is set to transform Mexico into “the world’s largest legal cannabis market” in an upcoming vote that will legalize recreational use of the drug “throughout the supply chain, from farming to distribution and consumption.”
Mexico’s Senate has already signed off on the legislation. Senators are currently working with their counterparts in the lower house of Congress to agree on a joint bill, with even more lenient restrictions on the amount of marijuana a person can carry in public, which could be approved as early as next month.
Now what
If advocates for the legislation have their way, Mexico could soon become the third country after Canada and Uruguay to completely legalize marijuana for…