MGC Pharma has signed an agreement with the government to set-up a medical cannabis production base in Malta.

Speaking on Thursday, MGC Pharma founder Nativ Segev said that the company will provide “life changing medication” for conditions such as epilepsy, dementia, and different types of cancers amongst others. 

He said that Malta will serve as an access point for the European market and noted that their new complex will not only work on medical cannabis production, but also on bio-chemical, and bio-scientific research.

Economy Minister Chris Cardona said that since legislation to regulate the medical cannabis industry had been introduced last year, the niche sector had been growing “significantly and successfully”. He said that MGC Pharma were one of the first companies to receive a letter of intent from Malta, and will be one of the first companies to set up a base on the island.

He said that Malta’s “open-door policy” to “great and serious ideas” was key to attracting companies such as MGC Pharma to the country, before also noting that Malta offers a “level playing field due to strict and transparent regulations”.

He noted that investment such as that of MGC Pharma affirms Malta’s position as a European leader in the medical cannabis sector after it became the first European country to introduce legislation on this sector.

MGC Pharma will receive a 6,000 square metre multi-story facility in Hal-Far where they will produce medical cannabis and carry out research work.  The company will be investing €11 million and by its third year of operations will have created 27 full-time jobs.