Panaxia has announced that it has received an official license from the health authorities in Malta to manufacture finished medical cannabis products.
Following the adaptation of the European production standard EU-GMP by the European Health Authority, Panaxia will start production in its local facility in Malta.
Obtaining the license allows immediate export and marketing of finished medical cannabis products in European standard from the country.
CEO of Panaxia, Dr Dadi Segal, commented: “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.
Read more: Panaxia and Neuraxpharm to bring medical cannabis products to Poland
“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”.
CEO of Malta Enterprise, Kurt Farrugia, commented: “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 eco-system. We are very proud to be part of Panaxia’s journey and look forward to seeing the company grows and thrives locally”.
Malta Economic Development Agency, Malta Enterprise, assisted and accompanied Panaxia in the stages of its establishment in Malta until the licence was obtained. The facility in Malta will allow the export of products to countries that require registration of the advanced products in the country of origin as a finished products.
The largest and most immediate new markets the company is targeting are the British market and the Brazilian market.
These exports currently cannot be made from Israel to those countries, in light of the regulations in Israel, which do not allow the registration of such advanced products in Israel. 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.
Panaxia Labs Israel announced in September 2021 that it would be exiting low-profit activities in Israel and focusing on manufacturing and exporting premium cannabis products to Europe.
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