by Amy Wilding-Fox
Puerto Rico is five years into their medicinal marijuana program and already seeing what experts are calling a saturation of the market. While the government collected 65 million in taxes, one study by the Association of Members of the Medical Cannabis Industry (MICaM, in Spanish). looked beyond the tax revenue and measured the impact on established dispensaries. Having grown nearly 53% in 2021 to 277 established dispensaries, the ratio of patients to dispensary is running thin. With just under 120,000 medical marijuana patients registered, that averages 432 patients per dispensary, a very low number when compared to the average count per dispensary in the Continental United States is over 1,500. Upon factoring in the drop in marijuana prices dropping over 40% from this time last year due to the abundance of product, the monthly average sales per dispensary fell from over $69,000 to less than $39,500.
Trying to curb this trend and help decrease the chances of closures, MICaM is asking that there be an instant freeze on any new licenses granted. On top of that, they are asking that there be an overhaul on the current marijuana policy. Requests include
- Creating an Advisory Council made up of representatives of the cultivation, manufacturing and dispensary segments that facilitates the visibility of vital statistics of the industry and produces the annual report required by the medical cannabis regulations;
- Developing regional and municipal criteria for issuing new licenses;
- Adopting an economic policy that recognizes and promotes the industry’s potential so that Puerto Rico becomes a regional and hemispheric player, including the granting of economic incentives to the industry;
- Opening the market for adult use; and,
- As an emerging industry, the government should consider supplying incentives like those provided to other industries, such as manufacturing, tourism, and agriculture.
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