Malta being one of the first countries in Europe to legislate in favour of the production of medical cannabis-based products, has demonstrated to the medical cannabis industry, the Maltese Government's readiness to establish a business environment which is conducive for business.

This was the "resounding sentiment" a business delegation led by Minister for the Economy, Investment and Small Businesses Chris Cardona, came across while at the Cannabis Europa 2019 Conference held in London this week, the Department of Information reports.

Cardona was also part of a panel entitled, 'Crystal Balling the Future of Cannabis in Europe'. Europe is set to become the largest cannabis market in the world within the next five years and is set to be a key-target for pharmaceutical companies.

Cardona shared the importance of harmonisation of continent-wide regulations and definitions for the industry to reach the estimated numbers, and Malta's willingness to lead this dialogue. "Initially, bureaucracy will hamper market share, but pioneers who brave these challenges, will be later rewarded and come to represent symbols of progress," said the Minister.

Cardona also described Malta's strategy in establishing itself as one of these pioneers.

"From inception, we were successful in involving all the major local stakeholders ensuring an easy transition from the actual enactment of the legislation, to the process whereby Malta Enterprise started the reviewing and evaluating applications. We then run a rigorous due diligence process on all our applicants. Those that were approved by Malta Enterprise are duly followed to ensure continuity for the actual setting up of operations in Malta.

"Companies established in Malta continue to be a prestigious testimonial to our country through their expansions and continuous growth in Malta.  And I believe that during this conference we had the opportunity of listening to such testimonials by renowned companies which are setting up in Malta."