Maricann License Approved by Maltese Government
TORONTO, July 17, 2018 (GLOBE NEWSWIRE) — Maricann Group Inc. (CSE:MARI) (FRANKFURT:75M) (OTCQB:MRRCF) (“Maricann” or the “Company) is pleased to announce that Malta Enterprise (the country’s official economic development agency and the government entity responsible for licenses) has approved Maricann’s application to set up a business in Malta to manufacture finished dose medical cannabis.
This license allows Maricann to supply its Maltese operation with raw materials that will then undergo advanced post processing to create pure cannabis distillates, allowing for true pharmaceutical manufacturing. Commercial production of distillates is integral for the Company, as it advances the timeline for delivery of its full suite of products to those European markets where such products are legal.
Maricann continues its path of organic growth and value acquisitions throughout the European Union, accessing key markets for differentiated products through Malta. We will continue to implement our template for success across Europe, as we expand from operations in Germany, Switzerland and Malta to new markets.
Ben Ward, CEO
We’ve seen parabolic growth in new markets over the past two years, and will expect to continue to see new markets open.
The Company has received an initial allocation of 2,750 square metres of industrial space. The approval in Malta is conditional on a number of items including (i) operation of the business in compliance with applicable laws, (ii) compliance with certain reporting requirements, (iii) the Company’s Malta subsidiary reaching an employment level of at least 28 full-time equivalent employees within three years from the start of operations, (iv) the Company’s Malta subsidiary investing at least €9.5 million in improvements to the site, plant, machinery and equipment within three years from the allocation of the applicable site and (v) the Company obtaining a licence from the Medicines Authority.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany and Regensdorf, Switzerland. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) and will continue to pursue new opportunities in Europe.