This week former Mexican President Vicente Fox gave a keynote speech during the annual Cannabis Business Summit. Fox made some bold statements about the future of legal weed. He even says he believes that more than half of U.S. weed will end up coming from Mexico. On top of that, he also called for the international trade of legal cannabis.
Vicente Fox Predicts Mexico Will Supply 60% of US Weed
Fox told the crowd that he expects at least 60 percent of the weed to the U.S. will eventually come from Mexico. This may well be true considering Mexico has supplied much of the black market weed.
“Imagine the border between Tijuana and San Diego, where one side is already legalized and the other one does not, which would be Mexico,” Fox said. “It would be crazy, that border. I mean, you cannot envision and sustain what it would be if one prohibits and the other one allows.”
Mexico recently made the use and cultivation of low-THC medical cannabis legal. Lawmakers in the country are also looking at making adult use legal. This will be helpful in the future since California passed Prop 64 last fall.
Suggestions for a Global Trade and Cannabis Market
In order for Mexico to supply legal weed to the United States, it needs to be legal to import and export the plant. Former President Vicente Fox believes that this needs to be addressed internationally. Also that it should be included in the NAFTA. Of course, he concluded, weed should be allowed to be traded without taxes or limits for one.
“This product cannabis has to be integrated into NAFTA,” Fox said. “It has to have the trade potential of moving without barriers, without taxes and limits, only complying with the law, the consumer and his health. And he is willing to consume this product.”
Both Canada and Mexico have already allowed the medical use of marijuana on some level. There are also several other countries that now allow medical marijuana. Though many only allow low-THC cannabis oil or CBD oil. Either way, trading among countries would be a great change for the current markets.
Since both these countries are looking to make adult use legal it only makes sense to open up trade between them. Allowing the import and export of legal cannabis will also bring in more competition. However, it will also open up an already booming market to international sale.