/ Wednesday, July 6, 2022
Is Puerto Rico cannabis industry up in smoke?
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Conflicting studies on the sector pose serious doubts
O
Madison Choudhry, Special to the Weekly Journal
nce taboo, entrepreneurs around the island have demonstrated they have a similar commodity on their mind. There are many names it is referred to –marijuana, weed, cannabis sativa– however, it seems the most common name used today is “opportunity.” The perceived method of growing cannabis is an alluring prospect to many. The thought behind is that it merely requires a wavering degree of sun, water, and soil which in turn produces a hefty profit. However contradictory studies point to an alternative narrative. In 2017, newly approved Act 42 stated, “a legal framework would be created for dealing with medical cannabis; establishing medical and scientific research within the federal regulatory framework.” increase in dispensaries has not implied an Proponents of Act 42 stressed the incentive of increase in the number of patients. Data from a 20% tax collection, a projected increase of the MiCaM reports an average of 432 clients per clinic labor force, and a claim for less compared to the ideal number illegal drug activity. In addition, which is estimated between there was the added stipulation 1,500 and 2,000 patients per of a, “regulatory board which clinic. would monitor the cultivation, In regard to the decreases manufacturing, dispensing, in illegal crime activity Police operating laboratories, and Commissioner, Antonio López From 2020 to 2021 transportation of medical Figueroa, recently announced dispensaries in Puerto the seizure of, “2,000 marijuana cannabis. With the internet to Rico increased by a plants, each six feet tall. In supervise the medical cannabis whopping 53%. addition, the raid also included industry in Puerto Rico.” 33-gallon bags of marijuana ready for distribution.” An Absent Board Figueroa went on to say, That was the promise made “the production of this greenhouse seemed to be in 2017. However, looking at the data today, “there has not been a single report published by the Board on an industrial scale. This operation is the largest hydroponic marijuana plantation seized by the in five years. Not since its inception in 2017. Which police in Puerto Rico.” is alarming considering the board is required to publish an annual report detailing the conditions of the medicinal cannabis market,” explained José Contradictory Studies Aleczer, President of Members of the Medicinal And yet, only recently a study published by Cannabis Industry (MICaM, for its Spanish acronym). Alliance for Responsible Regulation and Economic The consequence of this oversight has lead to a Development (ARRDE), which described itself as, “a staggering 277 dispensaries currently operating in non-profit organization with the main objective of Puerto Rico. From 2020 to 2021 alone the number advancing the discussion for the approval of the of dispensaries jumped from 169 to 259. To put adult use of cannabis and its decriminalization,” it in statistical terms, in one year the number reports that: of dispensaries in Puerto Rico increased by a “82% of Puerto Ricans agree that it would be whopping 53%. safer to buy medicinal cannabis. Unfortunately, fact of the matter is that the 61% agree that it will bring more jobs and bring
In fact,
There has not been a single report published by the Board in five years. Not since its inception in 2017. José Aleczer, President of MICaM
more funds to the government 57% agree that it will reduce drug trafficking 63% agree it will reduce opioid addiction 62% agree it will help police focus on major crimes 60% agree it will reduce the number of people in prison needlessly” Leaving many people to question, “well, which is it?” “Is Puerto Rico’s cannabis industry a viable business opportunity or is it another saturated business waiting to implode?” It seems the answer is, it depends. Mostly, on what study you read. For some entrepreneur the news is hardly comforting. To others the ambiguity leaves a space to ponder their future in the industry. With the uncertainty of the fiscal times, it begs the question, is the cannabis industry in Puerto Rico up in smoke? Or is there a chance for the smoke to still clear up?
