Kanabo Group PLC (LSE:KNB) confirmed it is gaining access to a medical cannabis production and export business in Malta, as Materia Malta has secured its licence from the Maltese medicines authority.
In July, Kanabo agreed the acquisition of Materia in a share-based deal which also included a £1.4mln (C$2.5mln) loan facility to Materia.
The licence was the final outstanding requirement for Materia Malta to begin commercial production and export of medical cannabis for commercial purposes – the group’s facilities already operated with EU GMP certification, producing 6,000 kilograms per year representing around
"We are delighted to be fully licensed and to begin generating revenues from our Malta facility,” said Materia chief executive Deepak Anand.
Kanabo chief executive Avihu Tamir, meanwhile, added: “Subject to completion of the merger, the facility in Malta will enable Kanabo's enlarged group to broaden its distribution across Europe and solidify our plan for a complete supply and distribution line."