Medical Marijuana Inc (OTCMKTS:MJNA) stock continued to move in a tight range On Thursday.
Market Action
On Tuesday, MJNA stock gained 0.62% to $0.0327 with more than 6.58 million shares, compared to its average volume of 14.63 million shares. The stock has moved within a range of $0.0325 – 0.0335 after opening the trade at $0.0325.
Major Trigger:
Medical Marijuana, Inc. Subsidiary HempMeds® Applauds Mexico’s Supreme Court for Decriminalizing Cannabis
Key Highlights:
- Medical Marijuana announced that its subsidiary HempMeds® applauds Mexico’s Supreme Court for its decision to deem a set of laws which criminalized the recreational adult use of cannabis in Mexico unconstitutional, and reopen the legal debate for the entire cannabis industry in the country.
- The Supreme Court has been one of the main engines working toward establishing the Mexican cannabis industry. Since 2017, this regulatory body has issued court rulings that have allowed for thousands of patients to have legal access to cannabis-derived products and legal protection to consume without repercussions.
- This new Supreme Court ruling stated that sections of the country’s general health law prohibiting personal consumption and home cultivation of marijuana are unconstitutional. Mexican citizens can now obtain a permit from Mexico’s national health regulator Cofepris more easily but the industry is still pushing for full legalization of cannabis and a bill that distinguishes marijuana from hemp.
Key Quote:
“As the first company granted importation permits for cannabis-derived products in Mexico, we are glad that Mexico is continuing to take steps forward in becoming a leader in the global cannabis industry,” said HempMeds® CEO Raúl Elizalde. “We hope that soon there will be more opportunities to grow our business in the country and help people enjoy the benefits of cannabis-derived products. That said, this declaration of unconstitutionality is not the end of the road, and Mexican legislators must continue to reform the current legal framework to give legal certainty to people who wish to consume cannabis or derived products.”
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