During a press conference, Minister for the Economy Chris Cardona announced that MGC Pharmaceuticals will be investing €11 million to construct a “state-of-the-art” medical cannabis facility in Ħal Far.
MGC Pharmaceuticals, which has facilities all over the world, was described as being a leader in the medical cannabis industry. The company will be constructing a manufacturing facility at Ħal Far Industrial Estate wherein it will be producing medical cannabis-based products. This facility will be the main access point for the company’s products into Europe and other markets.
The company will also be carrying out research and development activities in the field of medical cannabis, bioscience, chemistry, agronomy and clinical research. “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”, stated Minister Cardona.
During his address, Cardona said that since the introduction of the legislation on the production of cannabis for medical and research purposes issued over a year ago, the industry has grown significantly and successfully. He added that by being the first EU member state to provide a regulatory framework, Malta was able to attract the right kind of business. This investment is set to create 27 new quality jobs by the third year of operations.
Nativ Segev, Founder, Director & Head of Business Strategy of MGC Pharmaceuticals also addressed the press conference. During his intervention, Segev explained that the signing of the contract represents the culmination of their ambition to centre 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 the industry.