Cannabiz Issue 1

FEATURE
OLIVER DE BONO, COO FOR SIGMA GROUP WRITES ABOUT MALTA’S FORAY
INTO NEW AVENUES OF INDUSTRY AS THE ISLAND DEVELOPS ITS REGULATORY
FRAMEWORK FOR THE BUDDING MEDICAL CANNABIS SPHERE.
BY OLIVER DE BONO
In keeping with its trademark approach
to new industry, Malta has opened its
doors to the medical cannabis industry
and the economic boons it promises
to deliver. That being said, most
businesses are now asking what’s next,
with many keen to find out where this
marketplace will go. Looking at what
we have managed to achieve with the
online gaming industry, I believe there is
huge scope for this new market to truly
prosper on the island. Without looking
at the potential medical benefits and the
relief this product brings to so many in
need, there is much to be said for the
other huge benefactor at play – there is
an intriguing success story to be told if
the economy adopts this market.
This creates not only huge potential
revenues but new and interesting
opportunities for persons based
here - with a number of research and
development hubs soon to be setting
up on the island. The ripple effect goes
even further with legal professionals
adopting this new market. Our goal
is to shine a light both on what Malta
is setting out to achieve but also the
industry as a whole and the greener
pastures that await us!
Like any new industry adopting new
regulatory frameworks, we are still
at very early stages; however, looking
out at neighbours currently leading
the pack, such as Israel, we can also
see what huge potential lies in the
not too distant future. It’s not only the
Mediterranean adopting this thriving
market, but many other regions too,
with a very solid North American
market flourishing and even more
unexpectedly South East Asia, a region
that is quickly dispensing of past
conservative notions as it looks to a
future that is open to possibility and
development. For many South East
Asian countries, adoption of medical
cannabis regulations has opened
doors to innumerable benefits and
opportunities, both for growing local
populations and for international
businesses seeking to carve out a
space to thrive.
In a recent initiative, The Malta
Medicines Authority, in collaboration
with the Organisation for Professionals
in Regulatory Affairs (TORPA) initiated
industry-level training in the regulation
of medical cannabis for medical
professionals, industry consultants,
pharmacists and regulatory officers.
The training targets both the local and
international community and is aimed
at research in the three key areas of
safety, quality and efficacy.
Both Malta Enterprise and The Malta
Medicines Authority have taken
huge strides here in creating what is
our current framework, along with
the backing of both the health and
economic ministries. With so many
great people rowing steadfastly in this
direction, I believe it’s only a matter
of time before Malta solidifies itself
as a global hub for medical cannabis
regulation, research, and development.
“We have
managed to gather
some of the great
contributors and
minds from all
over the world with
the intent to not
only question old
ideas but provoke
new ones”
With our Medical Cannabiz World just
around the corner we hope to touch
on both the economical benefits as
well as dive deeply into the future
of this industry and explore what
breakthroughs will come out of the
recent adoption of this huge potential
product with such huge potential. We
have managed to gather some of the
great contributors and minds from all
over the world with the intent to not
only question old ideas but provoke
new ones.
CANNABIZ .1
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