News Americas, NEW YORK, NY, Fri. May 4, 2018: A Canadian company is eyeing the Puerto Rico cannabis market as the growth of the medical marijuana sector across the Caribbean continues to move along.
Future Farm Technologies Inc., a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland, this week announced that it had entered into a Memorandum of Understanding with KOM-Agro Management Services, LLC to jointly develop, construct, equip and operate a business enterprise of breeding, cultivating, processing and selling of medical cannabis within the territory of Puerto Rico.
Future Farm and KOM-Agro will conduct this new business venture as co-owners of Natural Health Solutions, LLC (“NHS”), a limited liability company registered in Puerto Rico that was previously granted a Pre-Qualification of License Approval for the construction, development and operation of an “Establishment for Medical Cannabis for Cultivation” in excess of 20,001 sq./ft. of area.
NHS currently has until July 31, 2018 to apply for the Final Inspection of the Cultivation Facility.
Medical marijuana is legally used in Puerto Rico to address more than a dozen conditions, including Alzheimer’s, cancer, Lou Gehrig’s disease, Parkinson’s disease, rheumatoid arthritis, Crohn’s disease, epilepsy and more. On October 6, 2017, Puerto Rico’s Department of Cannabis’ board approved allowing patients to go to any open clinic, regardless of the dispensary they had been assigned.
Puerto Rico’s medical marijuana industry has full governmental support, which means the island could become the cannabis tourism mecca of the Caribbean. Importantly, the island’s cannabis law includes a reciprocity policy that allows dispensaries to serve patients visiting Puerto Rico a reciprocity policy that allows dispensaries to serve patients visiting Puerto Rico, as long as they hold a medical marijuana card from their home state.