Materia, a Canadian processor and distributor of medical cannabis and CBD wellness products, announced that its wholly owned subsidiary Materia Malta has received its Licence for the Production of Cannabis for Medicinal and Research Purposes from the Malta Medicines Authority.
This means that Materia Malta can begin commercially producing and exporting medical cannabis.
“We are delighted to be fully licensed and to begin generating revenues from our Malta facility,” Materia CEO Deepak Anand said.
“I’d like to congratulate our entire team for helping realise our vision of a state-of-the-art processing facility, especially in working through the circumstances presented by the pandemic over the last 18 months,” Mr Anand continued.
Materia Malta’s facility has an annual throughput capacity of 6,000kg, representing a potential sale value of €36 million.
“We are delighted to see Materia achieve this milestone,” Malta Enterprise CEO Kurt Farrugia said.
“We have been working closely with Materia since the beginning and the calibre of the team exemplifies the type of company we are proud to support here in Malta. We fully expect Materia to be one of the industry’s long-term leaders,” Mr Farrugia continued.
Materia Malta has already begun the process of importing its first batch of raw material for commercial production and will begin fulfilment of its supply commitments imminently.
This comes after Martin Saliba’s term ended after three years at the helm.
He first joined the organisation in 2015 as Head of Business Development
He leaves Esports Entertainment Group after a year as Vice President of Information Security.
Co-Founder Jörgen Nordlund will take over the position on an interim basis until a replacement is found.