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A Canadian Company Is About To Spend €10 Million To Enter The Maltese Cannabis Market

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Maricann, a Canadian producer and distributor of cannabis for medical purposes, has declared it will be acquiring Maltese company Medican Research Group for €10 million.

The Canadian company, which was founded in 2013 and has offices in Germany and production facilities in Canada, is known for medicinal cannabis cultivation, extraction, formulation and distribution. They will now be expanding their European presence after announcing a non-binding letter of interest to acquire the Maltese company. 

“As we transition our pharmaceutical business to Europe, the Government of Malta and Malta Enterprise have been engaged in understanding the requirements of our business for success and the need to move to true pharmaceutical production; combining active pharmaceutical ingredients with excipients to create true pharmaceutical cannabis,” said Ben Ward, CEO of Maricann.

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The company plans to spend the seven-figure sum to obtain the ability to import, extract, manufacture finished dose products, and distribute cannabis for medical purposes within Malta and the European Union via the Maltese company.

“Malta possesses key talent who are trained in finished dose manufacturing, and has an existing base of pharmaceutical production that we will expect to engage as we move forward. We also plan to import API from our Haxxon operation in Switzerland, providing multiple sources of product to ensure robust product supply,” he said. 

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Once the acquisition is done, the company will be able to import raw materials and whole plant extracts from Canada to Malta for advanced post processing to create pure cannabis distillates.

Here are some of the products Maricann works on:

  • Water Soluble Powder
  • Topical Lotion Formulations
  • Sprays & Tinctures
  • Functional Drinks & Beverages, and
  • SoftGel & Liquid Filled Capsules

Malta’s parliament passed a bill last month legalising the production of medical cannabis in Malta. Malta Enterprise has approved six projects from Canadian, Australian and Israeli companies in recent months, with a capital investment of €40 million and the creation of more than 200 new jobs stemming from those deals.

As the medical cannabis industry ramps up, Maltese patients still await the medicine on the local markets. One man, Aaron Pavia, who obtained a cannabis control card, still hasn’t been able to access any medicine. 

“They’re making it even harder than it is. It’s taking longer than expected, loads of time being wasted to get the medicine, and it will take me another month or two before I get anything,” he said nearly a month ago.

What do you think of Malta’s burgeoning medical cannabis industry?

READ NEXT: Malta’s First Cannabis Control Card Has Been Issued – But There’s A Catch

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Johnathan is an award-winning Maltese journalist interested in social justice, politics, minority issues, music and food. Follow him at @supreofficialmt on Instagram, and send him news, food and music stories at [email protected]

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