Microalgae cultivation is a promising alternative to traditional agriculture in arid—semi-arid areas. The aim of this study is to assess the viability of long-term cultivation of native Arthrospira platensis in Gran Canaria. Maximum culture productivity (0.08 g/L/day) and optimal concentration range (0.6–0.9 g/L) were firstly determined in 8000 L raceway under a greenhouse. Afterwards, a stable productivity of 0.06 g/L/day (6.0 g/m2/day) was obtained by reusing the culture medium during 26 days of cultivation, with consistent biomass biochemical composition. Outdoor temperature and daily solar irradiation ranged between 17.9–30.7 °C and 79.2–274.8 W/m2, while culture pH and salinity were in the range 9.42–10.77 and 11.2–14.9 g/L, respectively. Protein (>60%), potassium (1.8 g/100 g) and C-phycocyanin (7.2%) content is in the high-range of commercial Spirulina, which makes BEA 1257B promising for food and extraction of natural pigments/antioxidants. The dried biomass complies with international standards for human consumption, because of low heavy metal content and no pathogens presence. Product quality can be improved by reducing ash (≃12%) and sodium (1.5%) content through biomass washing optimization and/or further dewatering step. Other microorganisms can be prevented by high alkaline conditions and mild chemical treatments. These results pave the way for a sustainable microalgae-based blue bioeconomy in the Canary Islands.