The establishment of a stakeholders’ partnership will proactively foresee and overcome any challenges before they become issues and it is necessary for maintaining Malta’s competitive edge in this growing and increasingly competitive industry, the minister said. In fact, the seminar hosted by Malta Enterprise was held with the goal of bringing together the current letter of intent (LOI) holders together, in order to start a longstanding partnership.

“Present efforts are concentrated on establishing an enabling infrastructure that ensures smooth operations. At the next level, we want Malta to be a research centre for medical cannabis, and to this effect, we want to see research into product development, new therapeutic strains, new product formulations, and clinical research happen in Malta. We also want to make sure that intellectual property generated in Malta can be protected in Malta,” said Mr Cardona. “The creation and consolidation of a strong peripheral industry which can service and supply both the local cluster as well as facilities beyond our shores will then be pursued,” he added.

“All of us are aware of the fast-changing scenario within the medical cannabis space. Malta Enterprise, together with our stakeholders, needs to keep a watchful eye to ensure that Malta consolidates its position as a leader in the sector”, said Mr Cardona.  

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Alpha Farma is transferring the lease for the “GMP-ready” facility located in capital Valletta, as well as the GMP certification to Alphafarma, newly-created subsidiary of the vendor, in exchange for the payment of €1.5m in cash and the issuance of 1,000,000 common shares and 300,000 common share purchase warrants to acquire additional MPXI shares at an exercise price of $0.63 per MPXI Share for a period of five years, according to the press statement.

Select staff from the current tenant of the facility will remain with MPXI Malta, the companies say in the press statement. The availability of such qualified personnel, the companies believe, will also shorten and facilitate the GMP certification process and allow MPXI to more quickly secure final license approval and commence operations.

MPXI International is expected to invest approximately €3m for refurbishing the facility, extraction, processing and packaging equipment and working capital.

“This is an important step in our European expansion plan. Malta not only provides a strategic gateway to the emerging EU markets but also upholds high pharmaceutical standards and a strong regulatory framework. We look forward to combining our cannabis expertise and intellectual property with some of Europe’s leading pharmaceutical talent,” said Daniel Fryer, MPXI’s Head of European Development.

MPXI International will issue to Green Goblin Ventures Limited 423,142 MPXI shares as consideration for the preparation of the application for the licence and 114,511 MPXI shares as consideration for identifying and facilitating the acquisition of Alphafarma and the transfer of the GMP certification.

As part of the partnership agreement whereby Bortex will provide oversight of and support to MPXI’s Maltese operations and as consideration for assistance with setting up the local manufacturing facility in the newly acquired Alphafarma site, MPXI International shall issue to Bortex 637,238 MPXI shares.

First step for operations in Malta

Under the LOI signed with the Malta Enterprise, the Maltese company would be able to receive a licence to import, extract, produce finished products and distribute cannabis and cannabis derivatives for medicinal use in Malta and export to certain international markets, such as the European Union.

Receipt of the LOI is the first step of the application process in the country, which many believe is strategically located in the Mediterranean Sea and could soon become a key commercial entry point for the European market.

The formal licence is issued by the Malta Medicines Authority upon completion and EU-GMP certification of a cannabis processing facility. Upon receipt of the formal licence, MPXI will produce EU-GMP quality cannabis oils and cannabis derivative products and pursue regulated medical cannabis distribution opportunities in the European Union through its wholly-owned medical brand, Salus BioPharma Corporation.

“Typically, Malta Enterprise allocates a property to the licensee which must then be subject to planning and design approval and build-out. It can then take up to eighteen months to finalise and commence production,” said W. Scott Boyes, Chairman, President and Chief Executive Officer of MPXI.

“We have been extremely fortunate to have been able to identify a 1,200 sqm ‘GMP-ready’ facility in Valletta which can quickly be adapted and certified for EU-GMP cannabis production. Planning is already underway to upgrade and equip the premises with operations potentially commencing later this year. We believe this will allow MPX International to be among the earliest licensed cannabis producers to move cannabinoid-based medicines into the European Union from Malta,” the CEO added.

The post MPXI Malta agrees to buy Alphafarma’s shares, receives LOI from ME first appeared on The Malta Business Weekly.

“We have been very selective in our evaluation of companies, who need to show rigorous processes and strict regulations. Our goal is to be at the forefront of the research and production of medical cannabis, and we believe businesses like Avana will help us achieve this in Malta,” says Mario Galea, Chief Executive of Malta Enterprise.

Avana expects to use this facility as a medical cannabis processing hub, where it will import cannabis flower into Malta and process the flower into medical products for distribution to other European markets.

“The European market is one of the largest opportunities in the nascent global medical cannabis industry. Our familiarity in establishing and working within GMP compliant production facilities will lead to an efficient facility roll-out in Malta,” says Zubin Jasavala, Chief Executive Officer of Avana. “Our experience operating CannaWay Clinics and our formulation partnership with Covar Pharmaceuticals is guiding product development which we are excited to bring to Malta and the broader European market in 2020.”

In the upcoming months, Avana will work to commence construction of the facility in Malta. Avana will be participating in the Medical Cannabis World Forum held in Malta in November 2019, where Jasavala will be speaking to Avana’s experience in the Canadian medical markets in both production and distribution to-date, according to the press statement.

Avana is a family of cannabis brands and businesses positioned for growth domestically and in global medical markets. Avana derives market insights through its subsidiary CannaWay Clinic.

EDITORIAL NOTE: Since this story was published, Avana has rebranded as Mera, and quite recently has maintained an elevated focus on its expansion into Malta.

The post Avana and Malta Enterprise sign LoI for medical cannabis licence first appeared on The Malta Business Weekly.

Supreme Cannabis says it believes that Malta is “strategically located to serve export markets throughout Europe”. Should the company receive the license, it would allow the firm to produce and process cannabis for medical use within Malta, and to export cannabis for medical use to certain international markets.

The company intends to manufacture products containing EU GMP quality cannabis oil and pursue regulated medical cannabis distribution opportunities in the European Union.

“We’re pleased to announce that we have secured a letter of intent from Malta Enterprises, taking another step forward in our global growth strategy. Malta is not only a strategic hub for Europe, but it is also home to robust existing pharmaceutical and nutraceutical manufacturing industries with a deep pool of expertise,” said Navdeep Dhaliwal, CEO of The Supreme Cannabis Company.

“Using the intellectual property and expertise we’ve gained in Canada, we intend to deliver high-quality cannabis products to medical patients in multiple international markets,” the CEO added.

The Supreme Cannabis Company is a Canadian publicly traded company committed to providing premium brands and products. The Company’s portfolio includes its wholly-owned subsidiary and multi-award-winning brand, 7ACRES, which is a federally licensed producer of cannabis operating inside a 440,000-square-foot facility in Kincardine, Ontario.

The post Supreme Cannabis signs letter of intent with Malta Enterprises first appeared on The Malta Business Weekly.