Number of certified medicinal cannabis patients up 24% since ’19
October 18, 2021
The number of certified medicinal cannabis patients has jumped to 114,521, according to the most recent data published by Puerto Rico’s Medicinal Cannabis Regulatory Board (MCRB), up by about 24% when compared to the 92,499 on record for 2019. However, according to an analysis by local economic research firm, Abexus Analytics, about 37% of Puerto […]
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Toyota de Puerto Rico unveils new $24M HQ’s in San Juan
October 18, 2021
Toyota de Puerto Rico unveiled its new $23.6 million corporate headquarters at the 654 Plaza building in San Juan, where it also invested another $3 million to create a state-of-the-art training center. Advances in technology, the company’s needs, and Toyota’s commitment to Puerto Rico made it necessary to move its offices to new the facilities, […]
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USDA awards $358K to 8 rural water infrastructure projects in Puerto Rico
October 15, 2021
The US Department of Agriculture has awarded grants totaling $358,000 to develop eight rural community water projects across Puerto Rico that were crippled by Hurricane María in 2017. The funding is part of a global $272 million the agency will distribute across the US mainland and Puerto Rico under its Water and Waste Disposal loan […]
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New Year’s Rockin’ Eve event to generate $10M in visibility for Puerto Rico
October 12, 2021
In the wake of the backlash to the announcement that Puerto Rico will be one of the countdown locations for this year’s “Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest 2022,” the Puerto Rico Tourism Co. defended the move by saying that hosting the event will generate $10 million in visibility worldwide. “After the […]
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Study: Puerto Rico restaurants are faring better despite pandemic hit
October 8, 2021
Nearly half of the island’s restaurants — or 48.7% — confirmed in a survey by the Puerto Rico Restaurants Association that their sales have been higher from January to July 2021, compared to the same period for the previous year, despite still experiencing the negative effects of the COVID-19 pandemic. The survey presented during the […]
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Puerto Rico Agricultural Extension gets $750K USDA grant
October 8, 2021
The Puerto Rico Agricultural Extension has received a $749,998 award from the US Department of Agriculture to continue to provide outreach efforts to connect with and assist socially disadvantaged and veteran farmers and ranchers and to provide them with information available on USDA resources. The proposed project will build on a previously funded grant under […]
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FAA awards $13.2M to LMM Airport for upgrades; Sept. traffic up 19.9%
October 6, 2021
The Federal Aviation Administration (FAA) announced it has awarded $13.2 million to the Luis Muñoz Marín International Airport (LMM) to reconstruct the apron, or the area where aircraft are parked. The grant is part of a global $479.1 million that the US Department of Transportation’s FAA is distributing in airport infrastructure grants to 123 projects […]
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Puerto Rico Supreme Court sitting on $500M decision for island telecom consumers
October 6, 2021
The Puerto Rico Supreme Court has in its hands the final decision on whether a 12-year-old case against Claro de Puerto Rico will be resolved in favor of consumers or be reverted to a lower court for a trial by jury. The class action lawsuit filed in February 2009 at the Bayamón Superior Court could […]
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Developers Diversified PR returns to local retail market to operate 9 shopping centers
October 5, 2021
The $550 million sale of nine shopping centers formerly owned by Retail Value Inc. has brought Developers Diversified PR back to the island 15 years after first establishing operations. That transaction, which closed in August 2021, has also meant the return of developer Scott Wolstein, who will oversee the portfolio, whose performance — he believes […]
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New execs named to positions in consulting, auto, nonprofits in Puerto Rico
October 5, 2021
This edition of Climbing the Corporate Ladder includes executive appointments across several industries, namely consulting, auto, nonprofits and the Puerto Rico Chamber of Commerce. Ankura appoints 1st LatAm chairmanAnkura Consulting, a global expert services and advisory firm, today announced the appointment of Fernando Batlle as the Firm’s first chairman of its Latin America and Caribbean […]
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Driftwood Capital buys Sheraton Old San Juan hotel, rebranding it to Marriott
October 1, 2021
Driftwood Capital, commercial real estate investment, development and lending platform specializing in hospitality, has acquired the Sheraton Old San Juan, a 240-room hotel and 27,500-square-foot retail complex in Old San Juan, it announced. The financial terms of the deal were undisclosed, News is my Business confirmed. “Driftwood intends to undertake a full-scale renovation of the […]
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Ex-UPR president sues school’s Board of Governors, others, for $5M
September 29, 2021
Former University of Puerto Rico President Jorge Haddock and his wife, María A. Haddock, filed a lawsuit against the university’s Board of Governors, and other defendants with ties to the college, seeking nearly $5 million in compensation for early termination of his contract, and damages. The lawsuit filed at the US District Court for Puerto […]
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Execs. named across industries in Puerto Rico
September 28, 2021
This edition of Climbing the Corporate Ladder features appointments in the fields of tourism, nonprofits, investments, and real estate in Puerto Rico. San Juan Marriott names new food and beverages directorBernal Rodriguez-Calvo has been named the new director of food and beverage for the San Juan Marriott Resort & Stellaris Casino, José González, the resort’s […]
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Hecho en Puerto Rico Assoc., bMedia Group partner to boost local companies
September 28, 2021
The Hecho en Puerto Rico Association (AHPR, in Spanish) announced an alliance with bMedia Group aimed at supporting and promoting Puerto Rican entrepreneurs to generate economic growth. With this union, all AHPR members will have access to a special program created to promote their businesses on bMedia Group’s billboard advertising network throughout Puerto Rico. “We’re […]
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Ecolift files for Chapter 11 bankruptcy with nearly $2.6M in debt
September 27, 2021
Aircraft reconstruction firm Ecolift Corp. has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for Puerto Rico in San Juan, listing nearly $2.6 million in debt. In the filing, the company founded in 1998 and headquartered at the Isla Grande airport in San Juan, listed as its largest creditors legal firm Fox […]
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