“These industries will take root on our shores and ultimately flourish” – Hon. Silvio Schembri opening Med-Cann Summit

Hon. Silvio Schembri, Minister for the Economy, Investment and Small Business opens the Med-Cann World Virtual Summit 2020

The Minister opened the summit with saying how the introduction of the legislation, the production of cannabis for medical and research purposes has in the short-term, allowed family doctors to prescribe cannabis for a medicinal uses, and in the long-term, paved the way for a new economic niche.
He then said that the enactment of these laws in Malta has attracted several investors who are now working closely with the projects at hand, facilitating the processes and moving forward with the country in this new medical, technological and economic venture.

“Bolstered by an already existing holistic eco-system in place, which readily facilitates the setting up of such enterprises, it was only a matter of time before the numbers escalated, and the numbers speak for themselves.”

Schembri continued to say how this sector will create new jobs, investment and export, and that through the enactment of necessary laws and the implementation of robust regulations, the government will make sure that these industries “can take root on our shores and ultimately flourish.”

He then addressed the fact that 2020 has been a particularly challenging year, but that nonetheless Malta Enterprise has continued approve projects and support businesses as they gear up for production and export. He added that during the past year and a half the industry has faced several challenges and suffered changes as a result, “experiencing great losses due to a number of factors including lacking of finance opportunities and a the gaps in pharmaceutical standards across jurisdictions.”
Schembri then moved towards concluding by saying how in the past year in Malta, we have witnessed companies setting up their facilities and the first licenses being issued by the Malta Medicines Authority, both internationally, in Israel, as well as in on the islands themselves. He also added how soon Malta will have the first Maltese Medical cannabis exports distributed in Germany, and that as the country moves forward it is continuing to add layers to this eco-system in order to ensure its long term viability and competitiveness. He concluded by saying that

“The Malta Medical Cannabis cluster is in its nascent days but set to grow to become a strong and robust pillar in our economy. To this end we’ll use all possible channels including technology, to fully deliver and assert our commitment to this flashing sector. We now look forward to see the flourishing of this industry, all being, under a new normality.