Agritek Holdings Inc., a real estate investor for the cannabis sector in the United States and Canada, announced that its licensee and partner, 1919 Clinic, has received its final approval from the Puerto Rico Department of Health to begin operations under the medicinal cannabis program.
Agritek Holdings over the last two years has funded the operation, provided all cultivation and manufacturing equipment and aided in the licensing process for the 15,000 square-foot facility in San Juan.
1919 Clinic operations are designed to withstand hurricane wind loads, control temperature and humidity, and is now licensed under Puerto Rico’s Department of Health Medical Cannabis Program to begin operations.
Both companies expect to be processing cannabis products on behalf of dispensary clients with brand distribution by next month, executives confirmed.
“This cannabis manufacturing facility based in San Juan, one of the most profitable markets in our sector, will now quickly become an important asset and revenue generator for our company,” said Suneil Singh Mundie, interim CEO of Agritek Holdings.
“The equipment and contracts already in place with multiple dispensaries on the island of Puerto Rico are capable and expected to bring several million dollars of revenue through cannabis extraction, manufacturing and the sale of our brands of which Agritek will be entitled to our portion through royalties, consulting fees and licensing of our brands,” he said.
The government approved and enacted the Medical Cannabis Act in July 2017, streamlining a new particular investigation license process as well as increasing the number of eligible conditions. At present the number of licensed cannabis patients has increased to almost 50,000.
The island’s cannabis act includes a reciprocity policy that allows dispensaries to serve patients visiting Puerto Rico, as long as they hold a medical marijuana card from their home state.
GSRX Industries Inc. opens 5th Green Spirit RX
In related news, GSRX Industries Inc., through its wholly-owned subsidiary, Project 1493 LLC, has begun operations at its newest Green Spirit RX medicinal cannabis dispensary in Fajardo.
At nearly 5,000 square feet, GSRX’s Fajardo medicinal cannabis dispensary is one of the island’s largest, the company said.