An international corporation will be going ahead with plans to develop a medical cannabis pharmaceutical facility worth €3 million in Malta – and it will be doing so in partnership with Malta’s high-end retail brand Bortex Group.
MPX International, who have made their name cultivating, manufacturing and marketing medical cannabis products worldwide, announced that MPXI Malta Property Ltd and Bortex Group had signed a “definitive agreement” to buy all of Alphafarma Operations Ltd’s – a company currently registered in Malta – outstanding shares.
“We have been extremely fortunate to have been able to identify a 1,200 square meter ‘GMP-ready’ facility in Mrieħel which can quickly be adapted and certified for EU-GMP cannabis production.” Scott Boyes, MPXI’s Chairman, President and Chief Executive Officer, said.
Bortex, which is being termed as a “well-established Maltese conglomerate involved in manufacturing, distribution, retail operations and property development” is being brought in to provide the local oversight and support to the company’s operations.
”This is an important step in our European expansion plan. Malta not only provides a strategic gateway to the emerging EU markets, but also upholds high pharmaceutical standards and a strong regulatory framework. We look forward to combining our cannabis expertise and intellectual property with some of Europe’s leading pharmaceutical talent,” Daniel Fryer, MPXI’s Head of European Development, said.
Following the acquisition of the shares, Bortex and MPXI will be able to access a fully GMP-ready medical cannabis facility in Mrieħel
Paired with a Letter of Intent from Malta Enterprise for a cannabis production license, the strategic partnership could mean big things for the companies – as well as for the local medical cannabis industry.
The companies will be able to import, extract and produce the final medical cannabis product, and distribute their products both in Malta as well as international markets where the medicine is legal, such as in the European Union.
The €3 million investment is believed to cover refurbishment works in the facility, as well as to obtain extraction, processing and packing equipment and to provide capital.