Panaxia announces production license of medical cannabis products in Malta
Following the adaptation of the European production standard EU-GMP, Panaxia will start production in the local facility in Malta.
Obtaining the license allows immediate start of export and marketing of finished medical cannabis products in European standard from Malta. The immediate largest markets are Germany, Poland, the UK and Brazil.
"Obtaining the license will allow us to export from the facility in Malta our advanced medical cannabis products, such as the tablets and extracts for inhalation, and market them in various European countries. We are excited to have reached this long-awaited moment as well as the fact that we will now be able to have our products accessible to many more patients all over Europe," Dr Dadi Segal, CEO of Panaxia commented.
Kurt Farrugia, CEO of Malta Enterprise said: "Panaxia is one of the first companies to obtain an LOI from Malta Enterprise, in order to be able to operate in the Medical Cannabis Sector. Together we embarked on a steep learning curve that saw us reaching this very important moment for Panaxia. Through such accomplishments, Malta is confirming its emergence as a hub for manufacturing and research in the Cannabis ecosystem. We are very proud to be part of Panaxia's journey and look forward to seeing the company grows and thrives locally."
Obtaining this alongside the adopted EU-GMP
license recently standard will allow Panaxia to produce medical cannabis-based products at a facility in Malta, which for marketing to certain countries in the world requires registration of the final product in the country of origin as well. Thus, the facility in Malta will allow the export of products also to countries that require registration of the advanced products (for example, tablets and inhalation products) in the country of origin as finished products. The largest and most immediate new markets to which the company is targeting are the British and the Brazilian markets.
These exports cannot currently be made from Israel to these countries, in light of the regulations in Israel, which do not allow the registration of such advanced products in Israel. Thus, the advanced products have been submitted for registration in Malta and will be exported from Malta to the destination countries requiring registration in the country of origin.