The proposed Bill 595 to regulate Medicinal Cannabis was introduced to Panama’s Legislative Assembly on October 31, 2016 by its initial proponent, Legislator Jose Luis Castillo. In Panama, the issue of legalizing Medical Marijuana was a subject of much controversy but in 2018 Bill 595 was fast-tracked.
Starting during the first week of 2019, Bill 595 was forwarded to the Labor and Health Commissions of the National Assembly to regulate Medicinal Cannabis. It has received top priority in response to popular support for its social contribution and economic implications of Medical Marijuana adoption.
The UK based group Prohibition Partners published their LATAM Cannabis Report forecasting that Latin American legal Medical Marijuana sales are expected to rise to $12.7 billion by 2028. We tend to disagree with their linear estimates because they have overlooked Panama’s role as an International Center for Medical Cannabis.
We present Panama’s strategic advantages and invite potential affiliates to participate in their field of expertise or interest.
1. Panama Canal
The most obvious advantage is the Canal that makes Panama the logistical center for export of locally or intentionally produced herbs, supplements or edibles.
2. Financial Center
Business people from all over the globe come to conduct their business in Panama because it is Latin America’s Financial Center with more than 5,000 Licensed Financial Institutions with extensive ties and Banking correspondents in North America, Europe, Australasia, Africa, the CIS and Mena Countries.
3. Taxation & Asset Protection
Registration of Nominee Directors, No Compulsory Shareholder Registration, No Mandatory Filling of Tax Returns, No Tax on Foreign Income, Tax Free Zones, the Panama Pacifico Tax Exempt Distinct, Extensive Tax Treaty Network, Bullet-proof Trade Secret Protection and other customized benefits offer a unique combination of features to reduce tax exposure within a Jurisdiction with a Real Economy that cannot be blacklisted or classified as a Tax Heaven.
4. Real Estate
Abundance of available Residential, Commercial, Agricultural, Retail, Industrial and Tourism Real Estate with extremely low property taxes and incredible buying and rental opportunities in a country with transient population in a laissez faire economic environment without predefined prices via an MLS or any other centralized price control systems.
5. Second Passport & Residence
Easy and Cost Effective Second Passport & Residence Options offers wealthy people opportunities for tax benefits without the obligation to live in Panama. On the other side of the economic scales, there is also a large pool of a cost effective but highly skilled labor force that is willing to work hard. In between the two social classes we have qualified professional immigrants from all over the world that consider Panama a financial refuge from their blotted Governments and Nanny States with insatiable appetites for Taxes and Control.
6. Tourism & Entertainment
Fully Developed Tourism Infrastructure with an Airline Hub that is connecting Latin America with the rest of world with many direct flights to and from Panama. Because of the reduced tax burden everything is cheaper making Panama the Shopping Destination of Latin America. There are hundreds of 5-Star Hotels at discount prices but also 15-dollar a day Beach Cabanas, Hostels and Family-run Bed & Breakfast businesses. Medical and Dental Tourism is booming with low prices and a variety of cutting edge treatments that are outside the asphyxiating controls of the North American and European Institutionalized Medical Establishments. Tourists and residents find thousands of Restaurants ranging from exclusive gourmet dining establishments at reasonable prices down to the couple-of-dollars lunch fondas for the working class. This fun-loving country has a rich night life and just completed the development of a promenade entertainment district. It hosts over three hundred Casinos, a Racetrack, many Gaming Establishments, has festivals and special events every other day. Beach and mountain adventure tours abound in Panama that has close to 1,000 islands and more mountains than the state of Texas that is ten times the size.
Everybody finds their favorite lifestyle in Panama. The rich and famous come for a lavish lifestyle and fly their helicopters from the helipads of their multi-million dollar penthouses to their private islands. Middle class professionals come to Panama and live a comfortable life after they escape from their country of citizenship just in time before becoming impoverished by their own government. Living in Panama can be so cheap that working immigrants and students come to work for a meager pay and they can still afford to send their children to a School or University plus they have some money left to send back home.
Panama has three climates. Within a radius of an hour’s drive, people can live in a booming metropolis where climate makes no difference since it’s all air-conditioned. With Panama’s fast internet service, they can choose to work and live in a breezy Beach community or a cool mountain ranch where with year-round spring weather.
9. People & Government
Friendly government, easy-going locals and an open-minded multicultural population work, play, live and let live without getting in each other’s way with politically correct value judgments.
Since stress is the primary cause of illness, Medical Marijuana in Panama could take the world to new levels of fun, peace and joy while we let robots and artificial intelligence (that the people own and control) do the menial tasks.