Prime Minister Joseph Muscat said during his visit to the United States last week that the medical cannabis companies based in Malta are expected to export products for an economic profit of up to €1 billion within the next three years. He also announced that the exportation of these kind of products will begin in the first quarter of 2020.
For now, 20 companies have been given a Letter of Intent that allows them to start their businesses in this brand new sector. 19 other project were denied this same permit, meaning that only the most promising projects are making the cut. It is estimated that over 900 jobs will be created, which alongside with the investments from foreign businesses, will help the local economy.
Some of the companies that were granted Malta Enterprise’s Letter of Intent, and therefore its approval, are Supreme, Columbia Care, MPXI, Wayland, MGC Pharma, Aurora, Alvit, Panaxia and Aphria, among others.
These companies will establish the foundations of this new sector with expected investments of over €100 million.
In a press release from last June, the Prime Minister said: “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 will include only the industry’s elite.”
However, the price of this treatment is still unaffordable for most of the people that need it. This is expected to change as this brand new industry starts to settle, but until then, the costs will remain out of reach for a lot of patients. Also, the strict regulations on this kind of medicines make it hard for some patients to be able to take it in a regular basis.
The Medical Cannabiz World Summit will take place from the 4th to 5th November at the Intercontinental, St Julian’s, Malta, to be followed by the inaugural launch of the Medical Cannabiz World Asia Summit which will be held in Bangkok on the 22nd and 23rd of June 2020 at the Centara Grand Hotel.