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Mexico Could Legalize Marijuana Within 5 Years Says Former President Vincente Fox

July 20th

SAN CRISTOBAL, MEXICO — Mexico could legalize marijuana within the next five years, stripping brutal drug cartels of a major source of income, former President Vicente Fox said on Friday.

Fox, who battled the powerful cartels while president between 2000 and 2006, has since become a staunch advocate of reforming Mexico’s drug laws, arguing that prohibition has helped create the criminal market that sustains the gangs.

Under his successor, Felipe Calderon, Mexico launched a military offensive to crush the cartels, but the violence spiraled instead, and more than 70,000 people have been killed in drug-related bloodletting since the start of 2007.

Vicente Fox

Vicente Fox

Legalization was the best way of ending the “butchery” of the drug gangs, Fox said as he hosted a conference in support of the measure in his home state of Guanajuato in central Mexico.

President Enrique Pena Nieto, who took office in December, is opposed to legalization, but he has said that the decision by the U.S. states of Washington and Colorado to legalize recreational marijuana use has given him a more open mind.

Aske. . . . . READ MORE

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Private Equity Firms Investing in the Future of Legal Marijuana Sales

July 19th

SEATTLE, WA — In the sparse Seattle offices of Privateer Holdings, Brendan Kennedy grabs an iPad to show how his bet on legal marijuana is already payingdividends in the form of a Google results page for “blue cheese.”

When Web users search that term, high on the list is a link to reviews of the pot strain “blue cheese” on Leafly.com, the medical cannabis website Privateer bought a year and a half ago and which it calls the Yelp of weed.

“We’ve got Wikipedia blue cheese and pictures of blue cheese, and the third thing you see is the ‘blue cheese’ strain on Leafly,” Kennedy said as he displayed the Google results page. He says Leafly produces revenue of over $100,000 a month.

Popular interest in marijuana and moves by Washington state and Colorado to legalize recreational marijuana have led Kennedy’s two-year-old private equity firm and a handful of politically connected investors to dive into the pot business. Cannabis remains illegal under federal law.

Privateer this week said it closed a $7 million first round of fundraising. It also named to its board of directors Michael Auerbach, an investor with ties to former U.S. Secretary of State Madeleine Albright.

A next round of Privateer fundraising. . . . . READ MORE

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