Veritas Pharma Inc. and the Institute for Medical Cannabis of Puerto Rico have signed a Memorandum of Understanding between for the investigation and commercialization of new pharmaceutical products within the commonwealth.
The MOU represents the first of its kind within Puerto Rico and signals Veritas’ entrance into the island’s growing market, the companies said.
The MOU establishes a timetable for collaboration and information exchange, as well as outline the creation of a Steering Committee. Both Veritas and IMC have opted to move swiftly with the MOU, they said, with aims to take advantage of a new legal framework which promotes the investigation and development of new medicinal cannabis products.
“This collaboration will position both of our groups favorably,” stated Veritas CEO Lui Franciosi. “With this MOU, we will leverage the Institute’s vast experience on the island with Veritas’ research and development model.”
On July 9, 2017, the Puerto Rico government approved and enacted the Medical Cannabis Act, streamlining a new particular investigation license process as well as increasing the number of eligible conditions.
Autism, glaucoma, Post-Traumatic Stress Disorders, and others have been added to an already-lengthy list of medical conditions that already included cancer, HIV and AIDS, Alzheimer’s, epilepsy, and migraine headaches, among others.
From April to August 2018, the number of licensed cannabis patients has increased by 29 percent in Puerto Rico. Importantly, 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.
“This agreement with Veritas marks a new chapter for Puerto Rico’s medicinal cannabis industry,” said IMC President Alberto Burckhart, referring to the framework’s contemplation of the capitalization and marketing of intellectual property in other markets.
“Our collaboration truly has the potential to convert the island into a regional power player,” said Burckhart, highlighting the partnership’s budding possibilities for new scientific advancement and medical discoveries in the field.
The Institute for Medical Cannabis one of Puerto Rico provides cultivation, extraction, formulation, multiple forms of production, research, and distribution using the best, award-winning strains, technology, and processes that the industry offers.
Located at a private research and production facility in Ponce, IMC’s facilities and operations are designed to withstand hurricane wind loads, control temperature and humidity, and maximize the island’s natural sunlight.
IMC is licensed under Puerto Rico’s Department of Health Medical Cannabis Program. Last year, IMC became the first local cannabis business to be certified as “Clean Green,” thus surpassing USDA-standards for organic products.