The cannabis industry is on the rise, with states leaning more-and-more towards legalization on medical and recreational levels. Players all across the board are trying to get their share of the pie, but the challenge for most is the strict regulation on the industry. Almost always, companies in the space must apply for several licenses to cultivate, transport, and sell.
Today through their wholly-owned subsidiary, Project 1493 LLC, Green Spirit RX Industries Inc. (OTC:GSRX) announced they have received preliminary approval for medical cannabis transport in Puerto Rico. Essentially, this will allow Green Spirit RX to deliver medical cannabis products to other authorized dispensaries as well as patients’ homes. Green Spirit RX has eight pre-qualifications for dispensaries as well as a pre-qualification for a manufacturing license.
This is huge, as this opens up doors for deals with other dispensaries, as well as clients who would otherwise use another service that delivers. Puerto Rico also allows for tourists and visitors who hold a medical card in their home state to utilize their medical cannabis dispensaries, which is not common practice.
Green Spirit RX specialized in developing and operating cannabis dispensaries, with a total of four dispensaries in California and Puerto Rico. In addition to the existing four dispensaries, Green Spirit RX also has an additional five locations in development and construction in Puerto Rico. It seems like they see potential in the retail cannabis market in Puerto Rico, as they are showing much more focus in that region.
Specifically, it seems that Green Spirit is targeting the regions in Puerto Rico where there is the highest concentration of patients such as Fajardo and Bayamon, with over 50% of patients in these areas. It will be interesting to see how Green Spirit RX performs in the expanding medical marijuana market in Puerto Rico.