Medical Marijuana Companies Continue Expanding in Puerto Rico
Marijuana Industry NewsMedical MarijuanaRecreational Marijuana August 21, 2019 MJ Shareholders 0
Medical marijuana firms are continuing to flock to the island, with the latest investments announced by Cansortium, Columbia Care and Bhang.
Cansortium recently announced that it was opening its second Fluent medical marijuana dispensary in Puerto Rico. Columbia Care is set to launch “vertically integrated operations” on the island, including a dispensary in San Juan and a cultivation and manufacturing facility in Cidra. Bhang, meanwhile, has signed a deal to distribute its more than 25 cannabidiol (CBD) brands to the island.
Cansortium’s new 2,200 square-foot dispensary is in San Patricio, Guaynabo, while the company’s first facility in San Juan began operations in Jan. 2018.
Cansortium, based in Florida, raised more than $56 million in funds ahead of its initial public offering (IPO). The net proceeds are being used to expand their presence not only in Puerto Rico, but also Florida, Texas, Canada and Colombia.
“The opening of our second Fluent dispensary in Puerto Rico is further evidence that we are executing our growth plan by steadily expanding our dispensary network,” said José Hidalgo, Cansortium’s CEO.
To date, Puerto Rico has more than 92,000 certified medical marijuana patients and offers reciprocity to all medical cannabis card holders from any U.S. state, he noted. [Read more at The Weekly Journal]
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