In the News from Panama

Is Cannabis the Next Big Panama Industry?

Organizers of an upcoming event in Panama City, believe Panama may be the hub for the growth of the cannabis industry in the region.

Cannabis industry “executives, investors, political actors, patients, and medical professionals” will gather at the Santa Maria Hotel and Golf Resort, on Sept. 1 and 2, for LATAM CANN.Biz to explore the possibilities for the business to grow in the region. The goal is to bring “opportunities in the medical and industrial cannabis industry closer to the country,” according to an event press release.

The group putting on the event estimates that the industry could generate an economic impact of close to $30 million for Panama. 

“Panama has enormous competitive advantages and could quickly become an import and export hub for the entire world,” said Noemí Pérez, president of PRMedCann.Biz, a consulting firm focused on the cannabis industry. “The combination of elements such as its ports and logistics platform, its robust banking sector, and the confidence that its legal framework offers markets, creates a perfect environment for Panama, to strengthen its local market and the Latin American region,” 

Of course, that could be said of most industries. Panama offers many competitive advantages for businesses. And there is no doubt that cannabis will grow as an industry in Panama, just like it has throughout the world. In 2021, Panama adopted legal framework No. 242 that regulates “the medicinal and therapeutic use of cannabis, its import, export, and cultivation, and creates a registry of patients, specialists, and companies,” the group explains..

Attendees at the events will participate in discussions “on the positive impact of the regulation of the medicinal and therapeutic use of cannabis on neighboring countries in terms of income, productivity, jobs, investment, and economic development.” 

“The creation of this industry activates other economic segments such as security, transportation, technology, research, packaging, marketing, and insurance, it becomes a multiplier effect,” said Ingrid Schmidt, President of LATAM CANN.BIZ.

Speakers at the event will include the National Director of Pharmacy and Drugs from Panama, Elvia Lau, Pablo Zuanic, cannabis financial analyst from Cantor Fitzgerald, and Scott Greiper, president of Viridian Capital Advisors.