Avana and Malta Enterprise sign LOI for medical cannabis licence

(source: Pixabay/chrisbeez)

Avana Canada Inc signed a letter of intent (LOI) with economic development agency Malta Enterprise, marking the firm’s first step toward developing a medical cannabis production facility in Malta, according to a press statement by the company.

“We have been very selective in our evaluation of companies, who need to show rigorous processes and strict regulations. Our goal is to be at the forefront of the research and production of medical cannabis, and we believe businesses like Avana will help us achieve this in Malta,” says Mario Galea, Chief Executive of Malta Enterprise.

Avana expects to use this facility as a medical cannabis processing hub, where it will import cannabis flower into Malta and process the flower into medical products for distribution to other European markets.

“The European market is one of the largest opportunities in the nascent global medical cannabis industry. Our familiarity in establishing and working within GMP compliant production facilities will lead to an efficient facility roll-out in Malta,” says Zubin Jasavala, Chief Executive Officer of Avana. “Our experience operating CannaWay Clinics and our formulation partnership with Covar Pharmaceuticals is guiding product development which we are excited to bring to Malta and the broader European market in 2020.”

In the upcoming months, Avana will work to commence construction of the facility in Malta. Avana will be participating in the Medical Cannabis World Forum held in Malta in November 2019, where Jasavala will be speaking to Avana’s experience in the Canadian medical markets in both production and distribution to-date, according to the press statement.

Avana is a family of cannabis brands and businesses positioned for growth domestically and in global medical markets. Avana derives market insights through its subsidiary CannaWay Clinic.