Last Updated on Thursday, 29 April, 2021 at 8:56 am by Andre Camilleri
Malta Enterprise is supporting TechforCann EU with €2.5 million to establish the first European tech accelerator for the medical cannabis industry, in Malta. The funding will support startups setting up in Malta, who are selected to participate in the TechforCannEU accelerator program. The allocated funds are subject to eligibility criteria and an evaluation processes which will be managed by Malta Enterprise in collaboration with TechforCannEU.
By all estimates, Europe will be the world’s largest market for medical cannabis within a few years. CEO Malta Enterprise Kurt Farrugia, remarked that ‘’Malta has clearly declared its intention to be a center of excellence in Europe. This project is only possible, because the medical cannabis ecosystem we are creating enables investors to set up their activities in Malta through collaborations with the other operators on the ground. Hosting such an accelerator in Malta will allow us to position ourselves at the head of the R&D sector in the industry, complementing our incentives for startups such as StartUp Finance and the various Research and Development Support measures, thus helping to bring new solutions and products to the global market”.
Lilac Mandeles, CEO of TechforCann EU, stated that “By investing in and supporting cannabis entrepreneurs, TechforCann EU presents an attractive value proposition for eligible startups – with a beneficiary package that includes pre-seed investment of 100,000 Euros, potential for investment of up to 200,000 Euros, plus the opportunity to pilot their technology at an EU-GMP licensed facility. The valuation of startups increases upon completion of the accelerator program – providing investors with immediate value. We welcome private investors who want to invest in the next generation of industry leading companies.”
The accelerator complements Malta’s vision to further develop an innovative medical cannabis ecosystem. The cannabis industry is stepping up into biotech, pharma and high-tech sectors and our goal is to identify and lead top-performing startups to success, thus creating job opportunities within the pharmaceutical sector.
Established by two female co-founders Lilac Mandeles and Yona Cymerman – who are based in Israel, the TechforCannEU accelerator program allows entrepreneurs to increase their probability of commercial success.
The accelerator currently focuses on four categories, including: Healthcare/biotech – Delivery methods, digital health, medical devices, pharmaceuticals, formulations, delivery devices, testing, education; Agtech – Genetics, breeding tech, growing materials; Digital operations – infrastructure (water, lighting), extraction, AI management/control, operational technology; and Product technology – including research and innovation in the areas of wellness, topicals, veterinary products, etc.
Participants in the program receive funding and pilot their technology within an EU-GMP licensed facility in Malta. A transfer of knowledge from international academic & research institutions and industry experts includes business, regulation, science, strategy, marketing, and finance. Participants and alumni also join an invitation-only community, including in-person pitch events with a global network of partners, customers and investors.
