Drifting just an hour from the vibrant arteries of San Juan, Puerto Rico's capital, past a mosaic of color-doused houses and palm-enshrouded highways, a hidden gem emerges on the island's eastern seaboard. Here, where the rhythm of Latino and Caribbean tales intertwine with the allure of American character, we encounter the city of Humacao.
Within this charismatic cityscape, abutting a peaceful cemetery and an imposing GSK pharmaceutical facility lies a truly extraordinary find: the most colossal indoor cannabis operation in Latin America. Enter Puerto Rico Industrial Commercial Holdings, or as it's better known, PRICH Biotech, the top-selling pure-play cannabis company in Latin America.
420,000 Square-Free Square Feet
The striking size of PRICH's facility – a humorous 420,000 square feet, wittily echoing the notorious number woven into cannabis folklore – is not its sole captivating facet. The individual helming this audacious venture brings a remarkable human dimension to this tale. Mounir Kabche, a bearded youthful visionary, is the dynamo propelling PRICH. With his roots deeply planted in Venezuelan soil, Kabche embarked on a journey to Puerto Rico, drawn by the promise of a more radiant future and bountiful business prospects, an expedition that has allowed him to flourish not only in the cannabis sector but also in the real estate sphere and beyond.
Kabche's odyssey is mirrored in his magnetic persona; his youthful vitality is readily apparent, belying his age of less than 40. His visage, underscored by a robust beard, exudes determination, a testament to his resilience through the trials of life. Yet, behind this façade resides a resolve as firm as steel, instrumental in sculpting a prosperous career in his newfound homeland.
Radiating an undeniable sense of pride, Kabche elaborates on the impressive breadth of PRICH's operations. His enterprise, a carefully built empire, boasts 20 flourishing dispensaries under its wing. Beyond catering to its own dispensaries, this conglomerate extends its reach to serve a diverse range of wholesale clients, amplifying the influence it holds in the industry. Undeterred in their belief, he and his team have invested substantially in the facilities, working together every step of the way. "We believe in the industry, we invest in the facilities, and we have worked hand-in-hand with our team," he asserts.
Tetra Dispensary, PRICH
Beside the tranquil whispers of the neighboring cemetery, where narratives of bygone eras blend seamlessly with the island's rich cultural quilt, PRICH shines as a luminary of transformation. It's more than simply cultivating a plant once immersed in controversy; it's about championing progress, exemplifying resilience and seizing the burgeoning opportunities within Puerto Rico's own green rush.
As we delve deeper into PRICH's journey, we find ourselves marveling at how a young Venezuelan emigrant's vision, nurtured by unwavering determination and tenacity, has transformed the face of Puerto Rican industry. Its a testament to how commitment and a keen eye for opportunities can lead to the growth of an enterprise that now stands as a beacon of hope and a symbol of economic resurgence in a land that prides itself on its resilience.
A Flourishing Latino Market
Within the Latin American cannabis market, Puerto Rico leads with an impressive $250 million in estimated annual medical cannabis sales. Even though the rest of Latin America has the potential for larger sales in the future, these figures have not yet materialized, as evidenced by the relatively small numbers seen in 2022.
Take Brazil as an example. Its sales for 2022 are estimated to be around $37.1 million — per Prohibition Partners. This figure, while higher than the previous year, is still significantly lower than Puerto Rico's sales, which exceed Brazil's figures by more than six times despite Puerto Rico having a population size 65 times smaller. Even Brazil's projected sales for 2026, estimated at $181 million, do not come close to Puerto Rico's current sales.
Argentina, Chile and Colombia, some of the larger markets in Latin America, had estimated sales of about $7.7 million, $3.5 million, and $6.8 million, respectively, in 2022. Even with their anticipated growth by 2026 (forecasted sales of $37.2 million in Argentina, $16.9 million in Chile and $33.5 million in Colombia), these figures fall significantly short of Puerto Rico's sales.
Mexico, another potential big player in the market, is estimated to have generated sales of about $17.9 million in 2022. This figure, although expected to multiply to nearly $88.8 million by 2026, is still a fraction of Puerto Rico's current sales.
So, even though the Latin American cannabis market holds considerable potential for growth, the actual sales figures so far remain relatively small. The total sales across all of Latin America in 2022 are estimated to be around $82.3 million. Having said this, the figure is predicted to surge nearly fivefold, reaching over $404 million by 2026. "[This is why] we are exploring several markets in …