Marijuana stocks rose Thursday after Mexican lawmakers tabled a bill legalizing recreational cannabis the day before, while a British subsidiary American Tobacco (BTI) was planning a large stake in the Canadian Pot Producer Organigram (OGI)

In Mexico, the House of Representatives, the lower house of the nation, approved a broad version of the bill in a vote between 316 and 129 and then began discussing the details, according to various media reports, however, the bill is expected to clear the Senate and becomes law

The bill would allow adults to buy and use cannabis and grow a handful of plants The law would also create a licensing system for companies and farmers to make and sell cannabis products

Marijuana stocks rose earlier this year as momentum picked up for US Legalization These stocks have since given up their profits

Even if the US. and Mexico should legalize, it’s unclear how much international trade laws would allow cross-border sales, and every pot producer entering a new nation faces the challenge of building an infrastructure to grow and sell cannabis

Canada and Uruguay have already legalized recreational marijuana. But Mexico, with around 130 million inhabitants, would be the largest legal cannabis market to date

Globally, more nations have also begun legalizing medical use in the U.S., Virginia was 16th last month State That Passed Recreational Activities Legalization Sales in the state are slated to begin in 2024

Mexico’s Legalization Would Come After Years of Violence Against Drug Cartels in the Nation As the New York Times noted, legalization is unlikely to curb this violence in any significant way as cartels shift to the sale of other drugs in the U.S.Some police officers have said that much of the illegal supplies come from California

The bill provides for smallholder farmers to be given priority in the licensing process, the Times said, but it said the benefits to them are also uncertain

When Colombia legalized medical cannabis a few years ago – in part to keep smallholders and indigenous communities out of illicit drug trafficking – observers raised concerns about the ability of farmers to participate fully in an industry that could be run by larger operators

Among Canadian marijuana stocks, Canopy Growth (CGC) rose 74% on the stock market today Tilray (TLRY) jumped 17% Aphria (APHA) rose 12% to Tilray and Aphria plan a merger

Under US. Over-the-counter marijuana stocks and Canada Curaleaf (OTC: CURLF) fell 01% Cresco Labs (OTC: CRLBF) rose 44% Acreage Holdings (OTC: ACRHF) rose 08%
Meanwhile, Organigram said a subsidiary of British American Tobacco will invest $ 175 million in the company for a 199% stake

Under the contract, the companies will establish a “Center of Excellence” based in an organizational chart interior in New Brunswick, Canada that will focus on cannabis product development. The initial focus of these efforts will be on CBD , the non-psychoactive compound found in cannabis plants

Tobacco giant Altria (MO) announced plans to acquire a large stake in Cronos Group in late 2018, but some analysts said the results of this deal were slow to implement

6:59 ET
Canopy Growth, the largest marijuana inventory, has fallen after a post-election rally, but earnings outlook is clearer Is CGC

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World News – CA – Marijuana Stocks Rally as Largest Country To Date Supports Full Legalization