GSRX Industries Inc. (OTCQB:GSRX), announced last week that the company requested a final inspection for its pre-qualified medical dispensary. The dispensary, which is located in San Juan, Puerto Rico will be the company’s fourth in the territory, and executives of the company hope it will help to increase their market share in the local cannabis trade. Currently, GSRX has dispensaries located in the Hato Rey and the Carolina and Dorado districts of San Juan, as well as one in California.
GSRX is an active player in the Puerto Rican cannabis industry and has been so since opening their first dispensary there in April. In addition to the company’s pending new site in San Juan, the company has dispensaries in various construction phases in Isla Verde, Fajardo, Bayamón, and Old San Juan. GSRX also received pre-qualified licenses for transportation and manufacturing of medical cannabis which extends their ability to deliver their products directly to qualified patients.
Medical Marijuana Tourism in San Juan
Puerto Rico is friendly to outsiders who travel there specifically for medical cannabis, allowing patients with medical marijuana cards issued from other state governments to make purchases from local dispensaries. The law is a boon to tourism, allowing patients to travel without having to worry about not having their medication, which can’t be carried over state lines. Green Spirits appears to be making a push for tourists, with the company’s website directed at visitors staying at resorts that are near their dispensaries. They even offer guidance on securing medical marijuana cards for visitors who do not currently have one.
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GSRX is using tourism in combination with the islands most profitable industry to boost sales and the economy following the devastating damage of Hurricane Maria. Now that all areas of the territory have power restored, the cannabis industry in Puerto Rico can continue to grow and potentially be the next industry to bring some much-needed revenue to the island.
HUB Insurance To Cover The Cannabis Industry
Global insurance brokerage company Hub International Limited announced last week that they are expanding their services to the cannabis industry. The Chicago-based company offers a number of services in the insurance space including employee benefits, management liability, and risk management services. Hub plans to provide producers, distributors, and retailers in both the medical and recreational markets coverage under their Agribusiness and Farm Specialty Practice. According to the company, they will offer protection in all aspects of the cannabis industry both in the United States and Canada.
Filling Coverage Gaps in The Marijuana Market
Even in states with established cannabis programs like California, insurance is still a complicated issue. In August, the National Association of Insurance Commissioners’ Executive Committee agreed to appoint a working group that would explore cannabis insurance. As an industry leader, National Association of Insurance Commissioners is working to address coverage gaps, which makes HUB’s announcement.
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“HUB is the trusted advisor that has truly taken the time to understand this industry and is committed to providing relevant support and solutions to our clients," said Hub’s Canada Cannabis Segment Leader, Phaedra Andrusiak in a statement. Under their new cannabis products, Hub plans to offer services including general and product liability insurance; employee practices liability and directors & officers insurance; crop insurance as well as a number of other services.