News Americas, New York, NY, Fri. June 16, 2017: A new partnership between a Denver, Colorado company and a Puerto Rico-based firm could control the medical cannabis market in the Caribbean US territory.
United Cannabis Corporation of Denver has signed a Memo Of Understanding with Puerto Rico-based Herbal Biotech Pathways Labs to form a joint venture in order to advance and support access to medical cannabis in the island.
Under the terms of the MOU, United Cannabis will make available to NEWCO its proprietary cannabis brands, products and expertise, Prana formulations, delivery methods, software and professional network, sufficient to launch complete cannabis based business (grow, processing/manufacturing, retail and marketing for cannabis and/or hemp) for the Commonwealth of Puerto Rico; and Herbal Biotech will invest and/or make available capital, services and equipment.
“Puerto Rico represents a substantial opportunity within the cannabis market, and we have been working to establish United Cannabis as a leader in that market,” said United Cannabis’ Chief Executive Officer, Earnest Blackmon.
However, he pointed out that patients in Puerto Rico will not be allowed to smoke medical marijuana, but use other delivery methods, such as oral drops, pills, topical creams and salves.
Cesar Cordero-Kruger, Principal at Herbal Biotech, said the new partnership positions them in a very unique space, for the development of phyto-therapeutics products that target Puerto Rico patient’s ailments in a safe and effective manner.