Interest by foreign investors in medicinal cannabis production in Malta is growing, the Economy Ministry said today, announcing that Malta Enterprise has approved five projects with a total investment of €30 million and which between them will generate some 175 jobs.

The ministry said three of the companies are Canadian while the other two are from Australia and Israel. These companies are listed or in the process of being listed on foreign stock exchanges. Applications from other foreign investors are also being considered, the government said.

Parliament is close to approving a law that would allow the production of cannabis for medicinal purposes.

The ministry said that the bill, which was presented by Economy Minister Chris Cardona, will lead to quality job creation.

 The government said it was confident that this would be a successful new sector given that Malta has a successful history in pharmaceutical production.

The Bill will ensure that licensed operators will work in a regulated environment and the production of medical cannabis will be strictly supervised by the Malta Medicines Authority.