Vicente Fox: Khiron Director And Former President Of Mexico Praises Supreme Court's Decision To Decriminalize Cannabis

Mexico’s Supreme Court voted to decriminalize the adult use of cannabis this week. In the 8-3 ruling, the Court struck down laws that criminalized cannabis prohibition as unconstitutional, clearing a path to legalization. 

Those over the age of 18 can consume marijuana and have up to 28 grams at home. The bill would also allow consumers to form cannabis associations to grow and share marijuana for personal use.

The Largest Market In The World 

With cannabis experts believing the country has the potential to become the biggest market in the world, it’s not surprising that cannabis operators are keeping their eyes on the country of 128 million people, waiting for the “cannabis doors” to swing open.

One of them - vertically integrated cannabis company Khiron Life Sciences Corp. KHRN KHRNF – on Wednesday reiterated its plans to enter the Mexican medical cannabis market in 2021. Recent regulatory and supply chain advances will notably accelerate Khiron’s entrance into the Mexican cannabis scene, the company noted.

The restatement comes on the heels of the company obtaining a quota to export more than 700kg of high-THC extract to Mexico. Using its position in Colombia, Khiron Colombia SAS gained authorization to include Mexico as a destination country within its international export quota.

Vicente Fox, Khiron Director and former President of Mexico (2000-2006) praised the Supreme Court’s decision:

"I believe Mexico will be the largest legal cannabis market in the world, and with a proven strategy for Latin America and the knowledge and track record to execute, Khiron remains at the forefront of this exciting market,” Fox said. “Today's vote by the Supreme Court is an important step forward on the road to full legalization in Mexico."

Khiron noted that it is confident that its significant experience in Colombia would provide it with a competitive advantage for its entry into Mexico's medical cannabis market.

Price Action

Khiron’s shares closed Wednesday’s market session 3.80% lower at 35 cents per share.

Photo by Jezael Melgoza on Unsplash