Legal cannabis scored another big victory this week.
In April, Mexico's lower parliament overwhelmingly voted to legalize medical cannabis, voting 357 to 7.
Then, earlier this week, Mexico's President Enrique Pena Nieto signed the bill into law, legalizing the use of medicinal cannabis THC, CBD, and all cannabis derivatives. The new legislation also makes it legal to produce and distribute cannabis for medical and therapeutic purposes.
Early estimates project sales between $1 billion and $2 billion in the first 10 years. That would come out to between $100 and $200 million per year.
The size of Mexico's young cannabis market will pale in comparison to the US and Canada.
In the old days, pot was seen as a way to get stoned.
But now, researchers are discovering that pot can actually have many health benefits.
Most of those come from Cannabidiol - one of the most prevalent compounds found in hemp plants that is commonly refereed to as CBD on the Street.
Studies have shown that the non-psychoactive elements of CBD can deliver relief to a wide range of ailments, including aches, pains, anxiety, insomnia and arthritis - without the euphoric effects provided by THC.
These benefits are creating a huge growth market.
The Hemp Business Journal, a CBD media and data company, estimates the CBD market will grow to $2.1 billion in consumer sales by 2020. That would be a 700% increase from 2016.