MGC Pharma gets green thumbs up from Maltese government for cannabis facility
ASX pot-stock, MGC Pharmaceuticals (ASX:MXC), has revealed its second piece of good news this week, announcing that it has now been given the green light by the Maltese government to construct a 4,000 square metre state-of-the-art medical cannabis production and cultivation facility in Malta.
This follows on closely from MXC’s announcement yesterday that it has been awarded a full medical cannabis production and cultivation contract — a pivotal piece of news that has seen considerable jumps in MXC’s share price, currently at 8.6 cents.
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MXC is now one of only five companies — and the only company in Australia — to be awarded a full medical cannabis production and cultivation contract. This continues on from the recent approval by the government agency, Malta Enterprise Corporation, of MXC’s medical cannabis project and business plan submission.
Under the agreement, MXC will be able to produce all THC (tetrahydrocannabinol) and CBD (cannabidiol) strains of medical cannabis. This widens MXC’s commercial opportunity to develop additional medical cannabis pharmaceutical products into key European and global markets, which derive benefits from both THC and CBD.
The contract terms require MXC to comply with all relevant local licenses and permits, which will be governed under the final legislative changes to Malta’s medical cannabis laws — these are currently in the throes of being finalised.
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Malta Enterprise Corporation CEO, Mario Gala, said: “Malta Enterprise welcomes MXC among its community of Foreign Direct Investors establishing commercial operations in Malta. We are pleased to host investment from Australia, a country with such close business and community links to Malta.”
“The medical cannabis sector is a new sector which will continue to enhance our economic growth, which is exceeding 6% annually. This new sector is open exclusively for the production of cannabis for medicinal, research and scientific use,” added Gala.