Puerto Rico Governor Signs Medical Cannabis Law
Puerto Rico’s Gov. Ricardo Rosselló Nevares signed a bill legalizing medical cannabis in Puerto Rico on July 9 after the legislation was temporarily stalled in the U.S. territory’s Legislative Assembly. Puerto Rico is currently crippled under $74 billion in debt, and medical cannabis could be the answer.
Legal medical cannabis officially became legal with the governor’s signature. “We have been working to create an effective legal framework for patients and the medical cannabis industry, by legislation and with the input of all experts in the field,” Rosselló Nevares after signing the legislation. “This [keeps] the ban on the use of recreational cannabis.”
Puerto Rico’s previous governor, Alejandro García Padilla, approved medical cannabis by decree in 2015 before leaving office, but the law was deemed insufficient. “The previous administration ignored the legislative process,” Gov. Rosselló Nevares added. Last January, the first medical cannabis dispensaries in Puerto Rico opened doors, under the previous governor’s executive order to legalize medical cannabis.
The Law to Improve the Study, Development and Research of Cannabis for Innovation, Applicable Norms and Limits creates a legal framework for Puerto Rico’s medical cannabis industry. Those with cancer, fibromyalgia, HIV, Multiple Sclerosis, arthritis, Crohn’s disease, anxiety, epilepsy, Parkinson’s disease, anorexia, migraines, spinal cord injuries, Hepatitis C, cachexia, chronic pain, severe nausea or muscle spasms will all be eligible to qualify for medical cannabis.
Ten percent of the tax revenue will go to the Hospital de Trauma del Centro Médico de Río Piedras. The medical cannabis industry is expected to generate up to 50,000 jobs, which could help the island’s financial crisis. Currently, 12.3 percent of the island’s 3.5 million inhabitants are unemployed. Additionally, the state-run University of Puerto Rico will receive 50 percent of all funds generated from fines.
Many cannabis companies are already flocking to Puerto Rico, due to the fact that IRS Tax Code 280E doesn’t apply there, where they are able to deduct expenses in their taxes.
