The bill, which aims to classify the psychoactive component of cannabis tetrahydrocannabinol (THC) as a “therapeutic,” was passed in Mexico’s Senate this in Medical marijuana December. The next step for the bill is to head to Mexican President Enrique Pena Nieto’s desk, where it’s fully expected to be signed into law. Last year, Pena Nieto, who has been a supporter of the legalization and decriminalization effort, commented during a gathering of world leaders that the global strategy of fighting drug use needed revisiting. He’s also gone on record as suggesting that the U.S. and Mexico must be on the same page when it comes to marijuana policies. Image source: Getty Images Medical cannabis investors, rejoice This is big news for marijuana stocks, even if Mexico’s black market is massive as a result of its drug cartels. Legalizing medical weed would give pot-based businesses yet another avenue to legally sell their product beyond Canada and the 28 U.S. states that have legalized physicians to prescribe the drug. According to Stuart Titus, the CEO of Medical Marijuana, Inc. (NASDAQOTH: MJNA), a Southern California-based provider of industrial hemp products, legalizing medical marijuana in Mexico represents a “$1 billion to $2 billion opportunity” in cumulative revenue over the next decade, according to an interview with Fortune . Of course, Medical Marijuana is no stranger to operating in Mexico.