March 12, 2021
1. Legislators approve federal law regulating cannabis
The Chamber of Deputies approved the Federal Law for the Regulation of Cannabis, in a bid to legalize recreational use of marijuana and the decriminalization of up to 28 grams for personal use for persons over the age of 18.
Likewise, the Senate approved the bill, making changes in form and substance, including the closure of the Mexican Cannabis Institute and a proposal leaving taking the National Council on Addictions (Conadic) with marijuana production and use.
2. Federal government and international organizations improve Mexico’s economic outlook
According to the Interim Economic Report developed by the Organization for Economic Cooperation and Development (OECD), Mexico’s Gross Domestic Product (GDP) is expected to rebound by up to 4.5% as a side effect of the fiscal incentives applied by the U.S. government to its economy.
Deputy Minister of Finance Gabriel Yoro stated that, with the accelerated arrival of COVID-19 vaccines and the gradual recovery of several economic sectors, the federal government’s growth forecast will be adjusted to a range between 5% and 5.5%.
3. Senate approves wage equality reform
The Senate approved a reform to the Labor Law that establishes equal salaries for women and men, prohibits gender discrimination in the remuneration of public and private sector workers and obliges employers to provide the same opportunities for promotion to personnel.
According to the Ministry of Labor and Social Welfare (STPS), by January 2021, 7.61 million working women were insured with the Mexican Social Security Institute (IMSS), representing 36.4% of the national total and an increase of 2% compared to the same period in 2016.
4. Mexico City Government and SENER to invest in energy projects
Mexico City Mayor Claudia Sheinbaum, and the Ministry of Energy (SENER) announced the construction of two projects that seek to strengthen the sector’s policies, advance on energy independence and its commitment to environmental protection.
Energy Minister Rocío Nahle said that an investment of MXN $800 million (USD $38.6 million) will be made for the construction of a Photovoltaic Power Plant at the Central de Abasto (CEDA) and a plant for the production of charcoal pellets, which will be financed with resources from the Fund for Energy Transition and Sustainable Energy Use (FOTEASE).
5. Banking sector calls on government to work towards alleviating economic crisis
At the 84th Banking Convention of the Association of Banks of Mexico (ABM), centered around banking as a driver of economic growth in 2021, ABM President Luis Niño de Rivera called on President Andrés Manuel López Obrador to join efforts and work to alleviate the economic crisis caused by the COVID-19 panemic.
He also informed that banks have MXN $1.4 trillion (USD $67.6 billion) to finance productive projects across all sectors, but the federal government must provide stability.