…..And HighBridge is Ready for Mexico!
When HighBridge was founded, we knew that the Hispanic demographic represented a significant portion of the audience in our target States. We also anticipated that Mexico itself would become a huge international market. As we developed our product line, and in conjunction with our marketing company (Image Bay / Fuzzy Duck), we replicated can designs and labels with Hispanic & Mexican themes. This not only gave us twice as many skews, but also allowed HighBridge to target market to that demographic. “The last 2-3 months have been very busy as we prepare for business in Mexico”, said James Hunter, HighBridge Founder. “Francisco Rengel, our partner in Mexico has kept us up to date on the rapidly developing status of legal cannabis in Mexico. And we are currently in discussions with two producers/ manufacturers in California for HighBridge to distribute their products in Mexico” he added.
Although Cannabis (in all forms) will technically become legal by the end of this month, there are a few hurdles left as the conflict of laws situation needs to be resolved. Yet, HighBridge firmly believes this market becomes viable by the end of the year. Both in terms of sale of HighBridge products and distribution under the HighBridge banner of other recognizable brands. The following, from the October 17 National Institute of Cannabis Investors News Letter, confirms and summarizes the status of Cannabis in Mexico.
What to Know for Mexico’s Impending Cannabis Legalization
With recreational cannabis legalization in Mexico on the horizon, there are some broader implications to be aware of… Cannabis legalization in Mexico has been a long time coming. Individual citizens and cannabis advocates first set the wheels in motion over six years ago by bringing their cases in front of the Mexican Supreme Court. They argued it was unconstitutional for the government to deny Mexican citizens the ability to use cannabis on the basis that the prohibition hindered their right to good health and freedom of expression. So, in October 2018, the Supreme Court made a sweeping declaration that cannabis prohibition in Mexico is unconstitutional, making recreational cannabis use de facto legal. But laws were still in place that contradicted this ruling.
So, the Supreme Court set an October 2019 deadline for the federal government to enact legislation that would end prohibition. The Senate leader of Mexico’s ruling party recently confirmed that there will be a vote to legalize by the end of October. Once legal and commercialized, early estimates value the Mexican market at $11 billion. In fact, Mexican legalization could be the wake-up call that this region needs before we see its 100-fold increase in market size…
The King of Cannabis Exports
The entire region of Latin America is primed to explode. It has slowly been building an important foothold in the cannabis market. That’s because of several factors working in tandem that can help just about any country in the region become a cultivation and exportation powerhouse. For one, producers can launch low-cost cultivation operations throughout this region. The growing conditions are perfect for outdoor farms. There’s no need to build large, advanced greenhouses as the natural environment provides for a healthy balance of sun and rain. Labor is also remarkably cheap. From recreationally legal Uruguay to large, restrictive Brazil, if these countries play their cards right, they could eventually generate massive sales from exporting their low- cost cannabis.
But, who stands to benefit most from the emergence of the Latin American cannabis market? The Biggest Players in Cannabis’s Quickest-Emerging Market Many of the world’s largest cannabis companies are already taking steps to move into Latin America. But other large cultivation operations are popping up in the region, dedicating their entire focus to building a strong footprint in the region. These moves all make sense as companies clamor to grab a slice of the multi-billion dollar pie that is the Latin American cannabis market.
HighBridge is a proud member of the Cannabis Trade Federation.