Be the first to comment!Canada, Australia and Israel projects approved for cannabis cultivation
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Parliament on Monday, approved the act regulating the production of cannabis for medicinal use.
Chris Cardona, Minister for the Economy, Investment and Small Businesses, in a statement today said that, “this law will provide yet another way for Malta to continue diversifying its economy and maximise the country’s business potential whilst contributing to the creation of quality jobs.”
Malta Enterprise has so far already approved six projects from Canada, Australia and Israel, “with a capital investment of 40 million and the creation of more than 200 new jobs,” he remarked.
“Interest from other countries continues to grow, particularly now that the Maltese Parliament has approved the law,” said Minister Cardona.
He stated that, “this is the latest in a series of initiatives consistently taken by this government to boost the country’s potential and to seek innovative markets to establish new economic niches which are emerging internationally.”
“The ultimate aim of the Government is to further strengthen the local economy, which every year keeps surpassing every expectation,” added the Minister.
A strict regulatory framework in the sector, will be established throught the approved law, which outlines that “no cultivation, import, or processing of cannabis, or its derivatives, can take place in Malta without the necessary possession of the approval, authorisation, license, or permit required under this law.”
The Minister said that, the law makes it clear that cultivation, for the purpose of research and industrial production, “will only be possible in designated industrial areas and under strict conditions and not as erroneously reported by certain media outlets.”
“The Opposition, once again decided to oppose a law that will lead to the creation of more investment and job opportunities in our country, notwithstanding the strong interest that was and is still being expressed by reputable international pharmaceutical companies to start operating in Malta,” said Minister Cardona.
