Hurricane Maria has had a devastating impact on Puerto Rico. Although the one-year anniversary of the hurricane is on September 20th, the island has yet to recover with full power.
One-third of the homes were damaged and 3,000 were killed in the massive storm.
But Puerto Rico's economy was already struggling prior to the hurricane.
"Puerto Rico’s gross national product contracted about 7 percent in the 12 months ended June 30," writes "Bloomberg." "The government’s free-spending ways and easy access to Wall Street money collided with the economic downturn, triggering a $74 billion bankruptcy."
In the 1990s and early 2000s, Puerto Rico was a hub for pharmaceutical companies due to an enticing federal tax provision. But when it phaseout in 2006, most of the companies left.
To help the U.S. territory bounce back, Governor Ricardo Rosselló sees potential in blockchain technology. He has formed the blockchain advisory council to help foster this type of business.
Besides financial technology, Rosselló is investing government resources also into the medical marijuana industry, along with the movie business.
The Island's craft brewing scene is also heating up. It has been the first region to adopt the Independent Craft Brewer Seal with 100 percent acceptance.Read More