Puerto Rico’s first medical cannabis pharmaceutical company, IMC Corp., has been given the go-ahead to start operations in Ponce upon receiving its license from the Commonwealth’s Health Department, company officials confirmed Thursday.
IMC, founded by local entrepreneurs, will process and manufacture medicines based on cannabis.
Jill Lamoureux, president of Pure O&M and consultant for IMC, the company facilities were built under the standards of the American Herbal Product Association and Good Manufacturing Practices.
Therefore, its facilities provide a controlled setting that minimizes the risk of contamination and maximizes the production of medicinal products derived from pure cannabis, the highest quality and consistency demanded by a medicinal product, she said.
“Our team has worked and evaluated a countless number of cannabis plants in Europe, Canada and the United States, which is why we can ensure that the IMC Corp.’s facilities serve as a role model in terms of cultivation and manufacture of cannabis-based products,” Lamoureux said.
“We’re proud to contribute to the pioneering efforts of a project of this magnitude and innovation in Puerto Rico, ” sald Lamoureux, an expert on medicinal cannabis.
The company will develop more than 100 different products to be distributed throughout dozens of clinics throughout Puerto Rico. They will be based on varying formulations based on empirical data.
“Instead of only extracting oil and selling it simply, we’re developing products based on empirical profiles to create specific medicinal formulations, ” said Tamara González, spokeswoman for IMC.
To ensure the success of the project, the company invested in the latest technology and recruitment 50 people, who are now working at a former Puerto Rico Industrial Development Co. facility that had fallen into disuse.
The plant has one of the largest production capacities on the island, González said. Currently, in its first phase, it has the potential to process hundreds of pounds of cannabis daily for drug production.
“IMC is committed to the environment, sustainability and quality of their products to benefit health, the economy and agriculture in Puerto Rico,” she said.
IMC is backed by local capital through investment house Pariter Securities and local investment fund Río Blanco.