Canadian medical cannabis Maricann have officially obtained a manufacturing license from the Maltese government’s development agency Malta Enterprise. They will now be permitted to set up shop in Malta and manufacture finished dose medical cannabis over 2,750 square meters of industrial space.
With the new license, Maricann will be allowed to supply its Maltese operation with raw materials that will then undergo advanced post processing to create pure cannabis distillates, allowing for true pharmaceutical manufacturing. Maricann has said that having the ability to commercially produce distillates is integral to its business strategy, as it allows it to work faster to deliver medicines within the European market.
“Maricann continues its path of organic growth and value acquisitions throughout the European Union, accessing key markets for differentiated products through Malta,” commented Ben Ward, CEO. “We will continue to implement our template for success across Europe, as we expand from operations in Germany, Switzerland and Malta to new markets. We’ve seen parabolic growth in new markets over the past two years, and will expect to continue to see new markets open.”
Maricann continues its path of organic growth and value acquisitions throughout the European Union, accessing key markets for differentiated products through Malta,” -Ben Ward, CEO $mari @MaricannInc @BenMaricann
— kevin (@kevin_cyr) July 17, 2018
They’ll now be taking over 2,750 square metres of Maltese industrial space
Maricann has been allocated an initial plot of 2,750 square metres of industrial space that is conditional on a number of things.
They’ll need to prove that their business is in compliance with Maltese laws they’ll need to; comply with reporting requirements; employ at least 28 full-time employees within three years from the start of operations; invest at least €9.5 million in improvements to the site, plant, machinery and equipment within three years and; (v) obtain a licence from the Medicines Authority.
Once these final hurdles are passed, the company will be able to produce medical cannabis on the island, to be both used locally, as well as exported around Europe in countries where medical cannabis is legalised.
Maricann had previously declared it will be acquiring the Maltese company Medican Research Group for €10 million. The company, which was founded in 2013, is known for medicinal cannabis cultivation, extraction, formulation and distribution. They will be offering all types of products from water soluble powder, to sprays and tinctures and even functional drinks and beverages.