Mr. Ben Ward reports
MARICANN LICENSE APPROVED BY MALTESE GOVERNMENT
Malta Enterprise (the country's official economic development agency and the government entity responsible for licences) has approved Maricann Group Inc.'s application to set up a business in Malta to manufacture finished-dose medical cannabis.
This licence allows Maricann to supply its Maltese operation with raw materials that will then undergo advanced postprocessing to create pure cannabis distillates, allowing for true pharmaceutical manufacturing. Commercial production of distillates is integral for the company, as it advances the timeline for delivery of its full suite of products to those European markets where such products are legal.
"Maricann continues its path of organic growth and value acquisitions throughout the European Union, accessing key markets for differentiated products through Malta," commented Ben Ward, chief executive officer. "We will continue to implement our template for success across Europe, as we expand from operations in Germany, Switzerland and Malta to new markets. We've seen parabolic growth in new markets over the past two years, and will expect to continue to see new markets open."
The company has received an initial allocation of 2,750 square metres of industrial space. The approval in Malta is conditional on a number of items, including: (i) operation of the business in compliance with applicable laws, (ii) compliance with certain reporting requirements, (iii) the company's Maltese subsidiary reaching an employment level of at least 28 full-time equivalent employees within three years from the start of operations, (iv) the company's Maltese subsidiary investing at least 9.5 million euros in improvements to the site, plant, machinery and equipment within three years from the allocation of the applicable site, and (v) the company obtaining a licence from the Medicines Authority.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The company was founded in 2013 and is based in Burlington, Ont., Canada, and Munich, Germany, with production facilities in Langton, Ont., where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the government of Canada. The company also has production operations in Dresden, Saxony, Germany, and Regensdorf, Switzerland. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada and will continue to pursue new opportunities in Europe.
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