'Diamond In The Rough' Of Latin American Cannabis: Puerto Rico's Success Secret Explained

Article via El Planteo

"Puerto Rico is a paradise for a cannabis entrepreneur," says Jaime Rengifo, CEO of Prich Biotech, often regarded as the largest cannabis company in Latin America. Since his arrival on the island, Rengifo has closely observed how this relatively small region has become a Latin American leader in medicinal cannabis, with a local market now surpassing $250 million annually. For Rengifo, however, success isn't just about numbers, it's about the model, education and accessibility that have fostered sustained growth and elevated product quality.

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Rengifo attributes Puerto Rico's progress in medicinal cannabis to a functional regulatory system that allows patients to acquire medical marijuana from dispensaries located throughout the island. "People have access, patients can access products, in various formulations, various formats," he explains, referring to the range of consumption options available in Puerto Rico, which includes capsules, concentrates, edibles, oils and even transdermal patches. While smoking cannabis is prohibited, the law allows for vaping, an adjustment he believes has attracted a broader, more responsible consumer base.

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Education And Accessibility: Puerto Rico's Formula For Effective Medicinal Cannabis

For Rengifo, Puerto Rico's real triumph isn't just having an industry that works, but in how it works. He says the key lies in education and ensuring that access to medicinal cannabis is a right, not a privilege.

As CEO of Prich Biotech, Rengifo has championed educational programs to help both patients and doctors understand the benefits and correct use of the plant. "I don't see a reason why we should charge for a license [medical marijuana card] to obtain cannabis products," he says, adding that the system should ease access to treatments rather than complicate it with fees or unnecessary restrictions. "I believe cannabis is a therapeutic product."

Looking toward 2025, Rengifo and his team at Prich Biotech aim to further expand the reach of medicinal cannabis in Puerto Rico, particularly among senior citizens and military veterans – two groups he says could greatly benefit from the market. Just last week, Prich Biotech hosted an event targeting the baby boomer community. He said a surprising number of seniors not only showed interest in cannabis but were already familiar with its benefits.

"I really thought seniors would have a cultural barrier against cannabis," he admits. Yet the response was so positive that Prich Biotech is already planning a large-scale educational campaign for 2025 to reach more patients and reduce the stigma around medicinal cannabis use.

Challenges And Opportunities In A Responsibly Growing Cannabis Market

Rengifo recognizes that maintaining a competitive industry requires not only investment but ongoing adaptation. In Puerto Rico, he notes, cannabis initially had high prices, due partly to the early costly business models. However, as the market has matured, prices have dropped and the range of offerings has diversified. For him, this is crucial to popularize medicinal cannabis. "I can't keep prices high if I want to expand the industry and transform it," he explains.

Part of Rengifo’s strategy has been to optimize all cultivation and production processes at Prich Biotech. "We've automated production, standardized our cultivation processes," he says. Today, Prich Biotech can produce more grams of cannabis per square foot, maintaining consistent quality levels of THC and CBD, making them, as he puts it, "very competitive in the market."

Puerto Rico's Potential: Preparing For A Cannabis Export Scenario

Rengifo envisions Puerto Rico not only as a regional model but as a potential benchmark for the global medicinal cannabis industry. The island, located about 1,000 miles southeast of Miami, Florida, boasts a historical pharmaceutical presence and robust infrastructure, which he believes could underpin the cannabis industry if U.S. laws move toward rescheduling or descheduling the plant at the federal level.

"We are preparing for the future," he says, noting that Prich Biotech is investing in Good Manufacturing Practices (GMP) certifications and standards that could allow it to export to markets like Europe and the United States.

"Puerto Rico is an island where all major pharmaceutical companies have a production facility… and cannabis, too, will become a valuable resource for Puerto Rico," Rengifo emphasizes. With a regulatory framework that models pharmaceutical quality standards, Puerto Rico, a US territory, could emerge as a leader in exporting medicinal cannabis—a goal Rengifo and his team are set on achieving.

Rengifo's vision, combined with Prich Biotech's focus on accessibility, education and efficiency paints a promising picture for Puerto Rico's medicinal cannabis industry. "This is a diamond in the rough," he says, and the journey is just beginning.

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