Jamaican Medical Cannabis Corp. (JMCC), a Toronto- and Jamaica-based business, has acquired the EU-GMP-certified medical cannabis production facility and other assets in Malta of Materia Ventures, a European-focused supply and distribution company for cannabis and CBD products.
No acquisition price was disclosed by the privately owned businesses.
The Malta unit will be renamed JMCC Life Sciences, Europe.
The deal comes with Materia’s 32,000-square-foot processing and manufacturing facility in Malta.
JMCC said the Malta assets will complement its warehousing and distribution facility, JMCC European Distribution Ltd, located on the island of Jersey, between Britain and France.
“We’ve made a commitment to both patients and healthcare professionals globally that JMCC will invest in the R&D required to produce science-led and pharma-like products that are scientifically proven to be safe and effective as well as easier for patients and prescribers to use,” CEO Diane Scott said in a statement.
“And we’re sticking with that promise, despite the bigger financial appeal the rec market might offer.”
In Malta, the Production of Cannabis for Medicinal and Research Purposes Act provides the legal framework for cannabis production, following the amendment of Malta’s Drug Dependence Act, which allows prescriptions for medical cannabis preparations.