Panaxia Global, a pharmaceutical company developing, manufacturing, and marketing advanced medical cannabis products, has received an official license from Maltese health authorities to manufacture finished medical cannabis products locally.
Panaxia’s facility in Malta was granted the EU-GMP standard last January.
Production in Malta will therefore allow immediate export from Malta and marketing of the company’s finished medical cannabis products in accordance with the standards accepted by the European authorities for the production of medical cannabis products.
“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,” Panaxia CEO Dadi Segal said.
Malta Enterprise assisted and accompanied Panaxia in the stages of its establishment in Malta until it obtained its license.
“Panaxia is one of the first companies to obtain an LOI from Malta Enterprise, in order to operate in the medical cannabis sector,” Malta Enterprise CEO Kurt Farrugia said.
“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 eco-system,” Mr Farrugia added.
Panaxia’s facility in Malta will allow the export of products to countries that require the registration of the advanced products in the country of origin as finished products.
The largest and most immediate new markets that the company is targeting are the British and Brazilian markets.
“We are very proud to be part of Panaxia’s journey and look forward to seeing the company grow and thrive locally,” Mr Farrugia concluded.
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