Issue link: https://maltatoday.uberflip.com/i/936285
maltatoday SUNDAY 4 FEBRUARY 2018 6 News CONTINUED FROM PAGE 1 The com- pany also disclosed that it had signed a non-binding letter of in- tent on 25 September, 2017 "with three individuals, one of whom has an interest in a GMP-certified lab- oratory for analytical testing and release including in respect of nar- cotics. Through this arrangement, if it comes to fruition, Nuuvera and the prospective local partners will establish a joint venture which Nuuvera will control, which will in turn seek to acquire this GMP- certified laboratory." Nuuvera said that once the ap- plicable legislation is enacted, the joint venture will apply for one of the first licences for import/export, production and cultivation of can- nabis in Malta. "This would assist in obtaining GMP certification of the local production facility according to European Union standards, es- tablishing a certified laboratory to export cannabis products to other EU markets," Nuuvera said. Nuuvera acquisition The Aphria deal is part of a grow- ing wave of consolidation in Can- ada's marijuana industry as com- panies seek to gain market share before sales become legal at some point this year. Bloomberg reports that the com- bined Canadian market for medical and recreational market is expect- ed to reach about €5.2 billion in sales by 2021, with companies such as Aphria and Nuuvera looking to grow in markets where there's even bigger potential. "This positions us to grow inter- nationally and realigns the poten- tial of these emerging cannabis markets," Aphria CEO Vic Neufeld said earlier on Monday. Lorne Abony, CEO of Nuuvera, said: "The transaction provides our shareholders with signifi- cant value for their investment in Nuuvera and the opportunity to participate in the significant up- side of the combined company. As part of Aphria, we will have access to every tool we need to open key international markets and execute on our growth plan as part of a stronger, well-resourced global cannabis leader." Nuuvera is also one of the final- ists in a tender to supply Germany's market and the company already has an agreement to export mari- juana to a German pharmaceutical distributor. Italy's medical canna- bis market is expected to be worth more than $9 billion and Nuuvera is currently one of only seven pro- ducers that have secured a licence to import into the country, he said. Deepak Ananda Vice President of Government Relations at Cannabis Compli- ance Inc. The European Cannabis mar- ket is estimated to be the largest cannabis market in the world, worth an estimated €56.2 bil- lion per annum out of which the medical cannabis market ap- praised around €35.7 billion per annum (according to a recent EMA report). I think the changes proposed by the Prime Minister of Malta enabling medical cannabis access to patients in the country are a major step forward in terms of it being a practical public health- based approach to the war of drugs from a public policy per- spective. Added to this, is the ability for businesses from around the world to partner with Pharma- ceutical Good Manufacturing Practices (GMP) manufacturers (through Malta Enterprise). Malta has historically had a very experienced and extremely well established pharmaceuti- cal manufacturing industry that is recognised around the world. The Medicines Authority (MA) has done a fantastic job regulat- ing and upholding high EU GMP standards. As companies here in Canada look at expanding their footprint and certain huge knowledge and product base on the medical can- nabis side, Maltese GMP manu- facturers are a clear partner for these companies due to their his- torical GMP expertise. It is one behind what the companies here have had in a limited time. The reason this is a great part- nership is because not many countries around the world and more specifically, within Europe, are able to trade and even formu- late medical cannabis products due to the lack of regulations to work with cannabis. Cultivation, manufacturing and trade of cannabis is governed by international law including the UN International Drug Control Conventions (Single Convention on Narcotic Drugs; Convention on Psychotropic Substances; Convention against the Illicit Traffic in Narcotic Drugs and Psychotropic Substances) as well as relevant national frameworks and health department regula- tions which all have language in them to ensure that any trade between members who are sig- natory to these treaties is limited to occur for scientific or medical purposes only. With the changes proposed by the Maltese Prime Minister and forward-thinking Cabinet min- isters I have met and extensively discussed this issue with such in- dividuals as [economy minister] Christian Cardona and [parlia- mentary secretary] Julia Farrugia – regulations have been amend- ed to allow for Malta to become a world leader in medical cannabis processing and manufacturing. One which is even beyond what we have in Canada due to our existing medical cannabis regu- lations which are of GPP (Good Production Practices) versus GMP (a much higher standard in comparison). As new and additional medi- cal cannabis markets open up around the world, the demand for GMP product formulations which aren't smoked or vaped will be significant and this is where companies who have partnered with, manufactured and QP-released medical can- nabis products under EUGMP from Malta, will have a huge advantage. I might argue this is a second coming of the Maltese pharma- ceutical industry that boomed significantly just after Malta became part of the EU and the advantage Maltese companies had due to the lack of patent registrations by big pharma in the early 1990s. It is great that your elected leaders have reached out to us in Canada for opinion and inputs on drafting a medical cannabis regime in Malta that works for patients and the industry at the same time. Nuuvera seeking Malta import-export licence Why Malta's pharma-land will welcome cannabis Deepak Ananda "Regulations have been amended to allow for Malta to become a world leader in medical cannabis processing and manufacturing"