Last Updated on Friday, 9 August, 2019 at 2:37 pm by Christian Keszthelyi
Medical cannabis firm MGC Pharmaceuticals will build a state-of-the-art manufacturing facility at Ħal Far Industrial Estate through an investment of €11m to produce medical cannabis-based products, according to a press statement by the government’s Department of Information (DOI). The investment is seen to create 27 jobs by the third year of operations.
The company expects the facility to be the main access point for its products into European and additional markets. MGC Pharmaceuticals will also be carrying out research and development activities in the field of medical cannabis, bioscience, chemistry, agronomy and clinical research.
“The signing of this contract represents the culmination of our ambition to centre our operations in Malta and be a part of this island nation’s drive to become a beacon in Europe for the growth and development of this industry,” said Nativ Segev, Founder, Director and Head of Business Strategy of MGC Pharmaceuticals that has facilities all over the world, ranging from Australia to Slovenia.
“We believe that Malta’s easy access into Europe, ability to encourage and facilitate local development in a timely and efficient fashion and forward-thinking legislators and government are but a few of the reasons that make Malta an ideal operations base for the company during the years to come,” Mr Segev told Business Malta today.
“Today, Malta has a global reputation for being a high-quality hub for the pharmaceutical industry. However, investors are also becoming increasingly optimistic about the opportunities the island offers in emerging areas such as the medical cannabis industry,” said Minister for the Economy, Investment and Small Businesses Chris Cardona, when announcing the investment.
“By being the first EU member state to provide a regulatory framework, we were able to attract the right kind of business and this sector is already contributing to Malta’s economic growth,” the minister said during his address.
During his address, Mr Cardona said that since introducing legislation on the production of cannabis for medical and research purposes over a year ago, the industry has performed a significant growth in the country.
EDITORIAL NOTE: The present article has been updated with a comment by Mr Segev, sent to Business Malta on 9 August 2019.