During the parliamentary session
held on Monday, Parliament approved the act regulating the production of
cannabis for medicinal use.
Minister for the Economy,
Investment and Small Businesses Chris Cardona stated 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.
“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”, stated the minister.
The approved law establishes a
strict regulatory framework in the sector, 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 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.
Once again, the Opposition
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.
So far, the Malta Enterprise
Corporation has 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. Interest from other countries continues to grow,
particularly now that the Maltese Parliament has approved the law.
This step will further strengthen
the manufacturing sector of pharmaceuticals in Malta whilst making it simpler
for Maltese patients to have easier and safer access to medication.
