Maltese Prime Minister Joseph Muscat said a transparent regulatory ecosystem is key for attracting businesses to a country. He noted that Malta regulated the medical cannabis industry last year for this very reason, according to a press statement issued by the government’s Department of Information (DOI).
Mr Muscat gave a keynote speech at the Cannabis Europa conference on Tuesday 25t June 2019 in order to express the medical cannabis story in Malta, explaining the economic context in which it operates.
“Malta is a country open for business. The government has had an open-door policy to those coming with great ideas. But our strength does not come from open doors only. It comes from being straightforward with businesses. We lay down the rules, strict and transparent regulations that offer a level playfield, without surprises,” said Mr Muscat.
“That is what we did with the medical cannabis companies that approached us to set up their business in Europe, through Malta. This sector in fact already contributes to Malta’s economic growth,” he added.
“Just over a year ago, in April 2018, we enacted the bill of law to provide for the ‘Production of Cannabis for Medical and Research Purposes’. This made us the first EU Member State to provide a holistic regulatory framework for medical cannabis,” continued Mr Muscat. “Some would claim regulation might scare off business. To the contrary the regulations attract business. The right kind of business.”