Avana signs LOI for Cannabis License in Malta

Published: April 12, 2019

Avana signs LOI for Cannabis License in Malta

Avana Canada Inc. has signed a letter of intent with the Maltese economic development agency, Malta Enterprise. The LOI between Avana and Malta Enterprise initiates the first step to developing a medical cannabis production facility in Malta.

“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,” said Chief Executive Mario Galea, 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,” said Zubin Jasavala, Chief Executive Officer, 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.