Malta boosts its medical cannabis industry

Malta is going all-in on cannabis and has decided to move very quickly to establish its medical cannabis producing and exporting industry.

Several bills are currently under consideration. The first will amend current laws to broaden access to non-smokable forms of medical cannabis. The second aims to legalize the production of medical cannabis on the island.

Health Minister Chris Fearne said he was «happy to see there was consensus on this issue.» He explained that all doctors would be able to prescribe medical cannabis, unlike the current system where only a handful of doctors can issue prescriptions for cannabis treatments. A prescribing guide for healthcare professionals is also in preparation to explain how the new system will work.

On the production side, the regulatory framework for cannabis production was put online. Companies will be authorized to produce cannabis on the island as well as export it to Europe, to countries where it is legal.

Prime Minister Joseph Muscat also stressed the need for Malta to act quickly if it hoped to tap into the growing potential of the medical cannabis industry before it was too late.

«The window of opportunity will not always be open» Did he say. He acknowledged that the government was taking a risk by opening up to this industry, but that the same kind of risk had been taken when the country opened up to the gaming industry.

And the financial stakes are already high. We find of course Canada behind the initial market opening negotiations, in this case Nuuvera, recently acquired by Aphria for $826 million, and who wishes to invest 5 million euros in a laboratory on the island.

If the Canadian company applies for a cannabis production license once the legislation is passed, it could become the first company on the island to cultivate and produce medical cannabis on the island.

«This would allow us to obtain GMP certification for our production in accordance with European Union standards, by establishing a certified laboratory for exporting cannabis-based products to other European Union markets,» Nuuvera indicated.