Report Projects Puerto Rican Recreational Cannabis Market Worth Over $500 Million

Report Projects Puerto Rican Recreational Cannabis Market Worth Over 0 Million
High Times

A pro cannabis trade group in Puerto Rico is hoping to advance the discussion of full recreational cannabis reform on the island. To this end, they have just released a report which predicts how recreational cannabis legalization might benefit the U.S. territory, located just southeast of Cuba. According to the analysis, the maturation of the industry here would take about five years and would take a trajectory seen in the development of the casino vertical, which developed here in the early decades of the twentieth century. The island is not the only jurisdiction to consider this kind of economic development, particularly post-Pandemic. Nor is it the only popular tourist destination. This segment of the economy is, however, critically important to the island’s economy and has become increasingly so during the second decade of this century. It currently accounts for 10% of the total economy. Indeed, before COVID, much of the critical infrastructure was damaged thanks to Hurricane Maria and tourism was used to rebuild the island. Beyond this, the island is no stranger to the production of other recreational commodities. This includes the world’s largest rum distillery, the Bacardi factory, located in Cataño. It is also increasingly a crypto firm haven. Because of Donald Trump, 98% of the land on the island is currently considered an “opportunity zone” designed specifically to bring foreign investors here. Cannabis Reform in Puerto Rico Cannabis has been illegal in Puerto Rico since 1932 when Act 12 specifically outlawed the same. Penalties for planting, importation, purchase, and sale of the plant ranged from a one month to one year in jail. In 2013, right after the success of two American state referendums in Colorado and Washington State, Representative José Luis Báez proposed decriminalization. The Governor, Alejandro Garcia Padilla, signed medical cannabis reform two years later.…

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Source : Report Projects Puerto Rican Recreational Cannabis Market Worth Over 0 Million

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