Mexico’s?Supreme Court gave Congress another six months to approve legislation that legalizes all forms of cannabis, postponing until the end of April the deadline for when the Latin American country would create the world’s largest adult-use market by population.
That legislation proposed rules limiting foreign ownership, vertical integration and license resale, all of which could put a damper on outside investment.
The Mexican Senate asked for the extension after failing to come to a consensus by a previous deadline for the end of October.
It is still possible that a law is approved in the meantime, but the spring deadline suggests approval by the year-end is less likely.
The court made its ruling on Nov. 1, the last day legislators had to adjust the articles of the Mexican law deemed unconstitutional by the court.
In the decision, the court wrote that, “exceptionally and for one time only” and, considering the complexity of the issue, it grants an extension until April 30, 2020, for Mexico’s Congress to complete legislation.
April 30 is also the last day Congress is scheduled to meet after resuming its spring session in February.