Prime Minister Joseph Muscat praised Malta for being a “success story” in medical cannabis in his keynote speech earlier today at Cannabis Europa in London.
“We see the production of medical cannabis as a progression within the life sciences sector, which already includes the production of pharmaceuticals, active ingredients, medical devices, testing and batch release operations, research and clinical work, dossier building and so much more,” Muscat said in London today.
“By being the first in most of these areas, Malta is proud to be Europe’s island of innovation, where ideas are born, tried and tested, then shared with the whole world”
With over 80 speakers across 18 talks, Cannabis Europa London has something for everybody. Panellists will be discussing the most pressing issues facing the European industry today, analysing the developments of the last 12 months and looking at how medical cannabis has permeated the mainstream. With a line-up of prominent politicians and policymakers, inspirational business leaders and healthcare professionals, unwavering advocates and ingenious entrepreneurs, Cannabis Europa is aiming to “shape the debate across the continent”.
Joseph Muscat gave some detailed information on the latest developments in Malta’s cannabis industry
“Since laying the rules in this specific bill, Malta Enterprise received 46 project applications, of which, 20 projects have been approved and issued with a Letter of Intent,” he said. “It is estimated that the approved projects are to investing over €110M into capital expenditure. Once operational these projects are expected to create over 700 new full-time jobs and supplement Malta’s exports by over €900 M by 2022 mainly to European Union markets. The Government is informed that a number of companies are projecting to start exporting medical cannabis from Malta to Europe as early as Quarter 1 of 2020.”
“As a matter of fact, while we have accepted 20 projects, we have refused another 19 proposals. This shows that we will only pick the best, most innovative and reputable.”
Muscat also named some of the biggest companies to invest in Malta.
“MGC Pharma, Supreme, Aurora, Aphria, Columbia Care, MPXI, Wayland, Alvit and Panaxia are amongst the renowned names which have received Malta Enterprise’s approval and Letter of Intent. Quite of few of you are here today and we are proud to call you partners in this journey,” he said.
The Prime Minister also spoke about the rigid criteria for companies to set up shop in Malta
“All the applications which were submitted, have gone through a minute evaluation process and a very thorough due diligence exercise, in order to ensure that only those applications which met our criteria and shared our vision were eventually approved. We do not say yes to everyone that knocks the door. So those of you who make it through our system know that you are working in an environment which includes the industry’s elite,” Muscat said.