Great article by our Sales Engineer Scott Sondles on the opportunity in Puerto Rico!
Puerto Rico Cannabis Market
Is Puerto Rico about to become the 51st in the USA and the 29th state in America to legalize medical cannabis?!? – Read on…
Puerto Rico’s Governor legalized medical cannabis in 2015 and early in 2017, the U.S. territory saw its first legal sale of medical cannabis.
May 2015: Governor Alejandro Garcia Padilla legalized medical cannabis.
- “We’re taking a significant step in the area of health that is fundamental to our development and quality of life” – Governor Alejandro Garcia Padilla
- Legalized medical cannabis for pharmaceutical products, creams, patches and oral drops.
January 2016: Regulatory framework presented.
- Seed-to-sale supply chain.
- Does not allow for smoking medical cannabis. CO2 extracts provide the purest and cleanest raw material to create biopharmaceuticals.
- Governor Garcia doubled down on cannabis and made it clear that cannabis should be legalized or at least decriminalized.
- Saw first medical dispensary sale.
- Puerto Rico’s Governor Ricardo Rossello (new guy in town) made clear that he wants to become the 51st state in America and the First Lady of Puerto Rico took a selfie with Ivanka Trump and her husband at White House February 27th, 2017. Governor Ricardo then retweeted the picture below…. Is Puerto Rico about to become a state?!
What you need to know about Puerto Rico’s cannabis market:
- Politicians and researchers applied the best practices within the cannabis market by learning from states like Colorado, Nevada, Oregon and Washington.
- Dispensaries are catering to the needs of the tourist.
- 51% of the business ownership must stay in the hands of Puerto Ricans.
- Puerto Rico is in desperate need of medical doctors to support their growing medical tourism market. Calling young medical doctors, recent changes in tax law has dropped your income tax down to 4% from the high of 33%.
- Smoking cannabis and cultivating it personally are still illegal, but dispensaries have been reported to be selling flower for “non-smoking” purposes.
- It is estimated that only 2,000 patients have registered with the Puerto Rico government. Total population 3.5 million. (Room for growth) – If you are interested in learning more about the Puerto Rico cannabis market contact be at ScottS@ApeksSupercritical.com.
What Qualifies for medical cannabis in Puerto Rico?
- 14 Qualifying conditions or your state’s medical card.