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Marijuana Stocks Rally As Biggest Country So Far Backs Full Legalization

Marijuana stocks moved higher on Thursday after lawmakers in Mexico a day earlier advanced a bill that would legalize recreational cannabis, while a subsidiary of British American Tobacco (BTI) planned to take a big stake in Canadian pot producer Organigram (OGI).Volume 0%

In Mexico, the Chamber of Deputies, the nation’s lower house, OK’d a broad version of the bill in a 316-129 vote, and then began debating the particulars, according to various media reports. The bill is nonetheless expected to clear the Senate and become law.

The bill would allow adults to buy and consume cannabis, and grow a handful of plants. The law would also create a licensing system for businesses and farmers to produce and sell cannabis products.

Marijuana stocks ramped higher earlier this year as momentum gained for U.S. legalization. Those stocks have since given up their gains.

Even if the U.S. and Mexico were to legalize, it is unclear how much international commerce laws would allow cross-border sales. And any pot producer entering a new nation would face challenges building up infrastructure to grow and sell cannabis.

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