1 October, 2022

LATAM CANN.BIZ will analyze the development of the medical cannabis industry in Panama

In 2021 Panama adopted the legal framework that will regulate the medicinal and therapeutic use of cannabis, import, export and cultivation, and create a patient record, specialists and authorized companies.

Editorial Dept. Voz de la Diaspora

Panama will host the LATAM CANN.BIZ conference with the aim of analyzing the development of the industry for the medicinal use of cannabis, prospects and challenges, the organizers informed.

 LATAM CANN.BIZ is an interdisciplinary conference that will bring together the days 1 Y 2 September to members, patients and major players within the medical cannabis industry to delve into global and regional trends.

In the context of the meeting, opportunities for economic development will also be discussed., investment and scientific advances associated with the industry at a time when Panama works to make effective the new law that will regulate the sector in the country.

In 2021 Panama adopted the legal framework that will regulate the medicinal and therapeutic use of cannabis, import, export and cultivation, and create a patient record, specialists and companies authorized to use it for these purposes.

According to LATAM CANN.BIZ, Panama has the potential to become a "pharmaceutical hub" for the medical cannabis industry due to its competitive advantages., one of the main reasons why the meeting will take place in the Panamanian capital.

The logistics and port platform, a robust banking sector, and legal stability would help Panama to "quickly become an import and export hub to the world", and promote the Latin American industry, said Noemi Perez, President of PRMedCann.Biz, a consulting firm focused on the Cannabis Industry.

The industry has been successfully developed in various countries around the world, from the United States and Canada to Israel and Colombia, hence the importance of knowledgeable experts in those countries sharing their learning and experiences with Latin America.

The President of LATAM CANN.BIZ, Ingrid Schmidt assured that agribusiness is an activity that favors the recovery of jobs and economic reactivation, particularly at a time when the world is trying to recover from the crisis generated by the pandemic, in addition to the impact it has on long-term sustainable development.

 Likewise, activate other areas such as security, transport, technology, research, packing, marketing and insurance, among others becoming a multiplier agent as has happened in other jurisdictions similar to Panama, Schmidt added.

He cited that, In Puerto Rico, for example, five years after launching the industry, exceed the 6 thousand direct jobs, as retail sales approach 800 million dollars with a direct impact on collections for the treasury for sales tax, according to a statement from the organizers.

It is estimated that, for every dollar the patient invests in cannabis, they inject 2.5 additional dollars to the local economy, add the information.