Maricann Group Inc. (OTCQB: MRRCF) announced on July 17th the company has received approval on their application to manufacture medicinal cannabis in dose form. The company received the approval from the Maltese Government’s regulatory agency, Malta Enterprise.
The license from Malta Enterprise now allows Maricann to begin the foundation of their operation by supplying it with raw materials for refinement. The refinement of the raw materials will create cannabis distillates that will be used for pharmaceutical manufacturing. The production of distillates on a commercial level is Maricann’s top priority. Maricann has a timeline to deliver the company’s full product suite to the legal adult European markets. The industrial space allocated to the company is an initial 2,750 sq. meters.
Malta Enterprise’s approval is subjected to several conditions. The business must operate within the applicable laws, follow consistent required reporting, have an employment level that reaches 28 full-time equivalent employees within three years, an investment from Malta of at least €9.5 million, and they obtain a license from the Medicines Authority.