Panama’s medical cannabis sector has advanced slowly despite international interest. Panama legalised medical cannabis in 2021, yet the industry has registered only modest growth years later as bureaucratic processes and implementation delays slow development. Major companies nevertheless continue to pursue opportunities in the Central American market.
Tilray Medical, a division of Tilray Brands Inc (TSE: TLRY) (NASDAQ: TLRY) (FRA: 2HQ), has now officially entered the nation’s sector. The company shipped its first cannabinoid product, Tilray Oral Solution CBD100, from its EU-GMP-certified facilities in Portugal through its joint venture with Solana Life Group.
Pharmacies will now distribute the prescription CBD oral solution via Farmacias Arrocha, one of Panama’s leading pharmacy networks. Patients can obtain the product with a medical prescription for qualifying conditions. This step marks the first commercial shipment by Tilray’s medical division into the country.
“Access to medicine shouldn’t depend on geography,” said Tilray CEO Irwin Simon on social media. “Today’s commercial launch of Tilray Medical in Panama is another important step in our mission to expand patient access to pharmaceutical-grade medical cannabis around the world.”
Read more: Tilray strengthens medical cannabis reach with HelloMD acquisition
Regulatory path proved challenging
This launch comes after Tilray obtained a Panamanian license in late 2025. It authorises cultivation, manufacturing, import, export, distribution and sale of medical cannabis products. The license could allow Tilray to set up a facility within Panama, but that process is yet to begin.
Tilray and its partners had to navigate more than two years of regulatory steps with the National Directorate of Pharmacy and Drugs under the Ministry of Health to get the license in hand and get product into Panama.
Recent measures by Panama’s government, including a patient access resolution in May and the creation of the Medical Cannabis Users and Authorized Caregivers Identification System, have established structured pathways for patient registration and physician authorisation.
Panamanian industry context
Panama’s framework from 2021 supports medical and therapeutic use while prohibiting recreational consumption. Authorities have granted several manufacturing licences, including to a Tilray-related consortium, but the country primarily relies on imports at the moment.
Specialised pharmacies began operating in Panama early this year. The nation’s programme channels access through healthcare providers, with trained doctors issuing prescriptions.
Personal non-medical possession and use remain subject to narcotics laws, but local authorities have a reputation for tolerating or turning a blind eye to it. The overall market remains in its early stages with limited patient numbers so far.
Tilray currently stands as the only major listed company importing medical cannabis products into Panama. Its entry signals sustained external interest as the local sector slowly grows.
The slow pace stems largely from stringent licensing requirements, mandatory security protocols, lengthy product registration processes and the need to build a physician network within a tightly controlled pharmaceutical system.
While Panama’s specific market figures are not yet publicly available, industry analysts project the broader Latin American medical cannabis sector will grow with over 20 per cent compound annual growth and reach a valuation of almost US$30 billion by 2031.
Read more: Glass House joins Trulieve on New York Stock Exchange after rescheduling momentum
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