Current Affairs
Substantial investment in Malta by Canadian companies in medical cannabis sector – 900 new jobs to be created

Within the next three years, companies licensed in Malta to produce medical cannabis are expected to export around €1,000 million worth of products. This was stated by the PM Joseph Muscat at the end of his visit to the US and Canada.

Dr Muscat said that when a country is innovative with its ideas and projects, it attracts international interest and encourages investment. In comments he gave to Dr Muscat said that he noticed this during his meetings with American and Canadian investors.

“The strongest interest we found in New York was in the financial services sector, and in DLT in the blockchain sector. One can note the considerable interest which is shown when we are innovative. Here in Canada the interest is in medical cannabis while in the US it is in blockchain,” said the PM.

The PM expressed his confidence that Malta will be attracting more investment from Canadian companies, apart form the 20 companies which already have a letter of intent from Malta Enterprise to work on the island.

“Exportation will begin in the first quarter of next year. We are estimating that exports by Year 3 of these companies will reach more than one billion Euro and that 900 jobs will be made available, however we can attract even more players in this respect,” he said.

Speaking about his participation at the UN General Assembly,  Dr Muscat said that this is an annual occasion which is an opportunity for countries to meet in one place with many others to intensify their diplomatic relations.

“I think it is a cost effective way which maximises the time available to meet many leaders at the same time. We can enter into a number of agreements by means of which we can improve our diplomatic network,” the PM said.

Before flying back to Malta, the PM told that this will be an important week because the Government will be finalising the measures for the budget which will be announced on 14 October.