It will be a matter of about ten years for the industry linked to medical marijuana to be established worldwide, and Panama will play an important role for its solid economy and geographical position.
This was said on Tuesday by experts, researchers and businessmen attending the first World Summit on Medicinal Cannabis in Panama, organized by CannaTech and iCAN: Israel-Cannabis and ending on Wednesday.
CannaTech brings together the best experts in the world in the fields of science, medicine, finance, agricultural technology, innovation and government policy, with a focus on medicinal cannabis and all its opportunities.
CannaTech shows companies and ideas at the forefront of the global cannabis industry, organizers of the forum said on its website.
Researchers, scientists, experts in agricultural and pharmaceutical technology, regulators, investors, and cannabis entrepreneurs participate in the meeting.
They emphasize that in this "explosive" and thriving industry, the government as regulator and the private company play an essential role, all in a legal frame.
The Colombian Andrés Galofre -cofounder of the medicinal cannabis company Khiron Life Science Corp., the first Colombian company that trades on the Toronto Stock Exchange and with operations in Colombia, Mexico, Peru, Chile and Uruguay- told to Acan-Efe that "This is an industry that is taking a giant force globally”.
"Latin America is now a center of attention in the world and countries of the first world are turning to this area, to see not only the agriculture segment, but access to patients", said Galofre
The president and founder of CannaTech and Israel-Cannabis (iCAN), Saul Kaye, estimated that in about 5 years this medical marijuana industry will stabilize at local and regional level, and in about 10 years worldwide.
For the Canadian expert Jason Mardock these times can vary or be shortened, since with the backing of technology and cultural advances "it can be done in less time".
Kaye indicated that basically what is intended to be done with this World Summit in Panama is to communicate the changes that are being applied in Israel in this matter.
He explained that in Israel, medical marijuana has helped many people suffering from diseases such as epilepsy and anorexia, among others, and said: "we want to see how to take the research of this technology and this medicine to the whole world".
The founder of iCAN indicated that the Summit was thought of in Panama, since it has one of the most stable economies in Latin America based on the dollar, and because it has historically been a business center and will also be for this industry of cannabis medicinal.
In the Central American country are the facilities of the International Center of Excellence of TheraCann International (COE) in Panama Pacifico, on the shores of the Interoceanic Canal.
TheraCann International offers full-service turnkey solutions for the regulated cannabis pharmaceutical industry, but its COE in Panama does not contain cannabis or related products, according to Canatech.
The Panamanian Raymond Harari, founder of the Canalis Capital company, said that knowing the way it works as a logistics center and with all the impact of the Canal, the Colon Free Zone and other industrial areas, "Panama could import the raw material of this product, process it here, do all the processes of extraction, purification, and from there to be able to export it to the whole world".
"This can generate a lot of work and opportunities for the country and a lot of foreign investments that are looking for logistics efficiency, a step that has not yet been touched in our industry but that if we do it in time we can position Panama as the country that take the reins in this aspect", said Harari.
A bill that legalizes the use of liquid marijuana for medicinal purposes is stuck in the first of three debates in the Panamanian Parliament, after being presented in November 2017.