The medicinal benefits of cannabis are now being more widely accepted than before. This change in attitude is being mirrored by some governments worldwide, who are increasingly changing their laws to reflect this new consensus. Malta is one such country. The island nation has since worked diligently to establish a framework for regulating the medical cannabis industry.
Over the past few years, there have been many changes in the legal landscape surrounding medical cannabis in Malta. The first step in starting a medical cannabis business in Malta is obtaining the necessary licence. This is where Integritas comes in. We are here to help you navigate through the process so that you can get your licence to operate your Medical Cannabis business and continuously comply with regulations.
Medical Cannabis Legislation in Malta
Malta took a vital decision and regulated its medical cannabis laws. In March 2018, the country legalised the usage and possession of medical cannabis with a prescription. It should be noted, however, that cannabis for recreational use remains an arrestable offence in Malta.
The 2015 Drug Dependence Act lays out the guidelines for patients who want to obtain cannabis-based medication prescriptions from government-approved physicians.
According to the new Malta Cannabis laws, the Production of Cannabis for Medicinal and Research Purposes Act allowed entities to cultivate, import, process and produce cannabis intended for medical and research purposes under a controlled and supervised environment – provided all necessary regulations were complied with.
Why Establish Your Medical Cannabis Business in Malta?
1. The Benefits of Doing Business in Malta
Malta is the European Union’s fastest-growing economy. Malta also offers unrestricted access to the EU and total freedom of capital and income movements within the EU. Malta’s commercial features, like a stable economic environment, a well-educated workforce and a competitive fiscal regime, make it an attractive business destination.
2. Malta is a Logistics Hub
Malta has turned into a significant logistics hub – thanks to massive investment. The country has sufficient sea and air logistics solutions with a flourishing freeport and excellent air-cargo facilities. Malta also boasts extensive passenger air links offering non-stop flights to some 70 cities with almost 1,000 international flights per week.
3. Protections for Malta’s Patients and Doctors
Any registered practitioner in Malta can legally prescribe cannabis if they abide by the norms set by Malta’s Superintendent of Public Health. All patients with debilitating conditions and a valid prescription from a doctor registered with Malta’s Medical Council can legally and safely obtain government-sanctioned cannabis medications.
4. Taxation System in Malta
Malta has a highly efficient tax regime. Companies incorporated in Malta are subject to tax at 35% on their worldwide income and capital gains. With the system of tax refunds that Malta adopts, upon the distribution of profits as dividends, shareholders can claim a tax refund, reducing the overall effective tax rate to 5%.
Establish Your Medical Cannabis Business in Malta
Starting a business in Malta’s burgeoning medical cannabis industry can be a lucrative opportunity for entrepreneurs looking to get in on the ground floor of this rapidly growing industry. However, there are a few things you need to know before getting started.
Integritas provides the following services to establish your medical cannabis business in Malta:
- Assisting with the application and submission of a Letter of Intent (LOI) with Malta Enterprise
- Coordinating with the Malta Medicines Authority to obtain EU-GMP Certification
- Tax compliance
- Regulatory compliance
- Other corporate services, such as company formation, structuring, and business planning
The business of medical cannabis is flourishing, and Malta is quickly establishing itself as a leading jurisdiction for companies. Thanks to its robust regulatory framework, Malta is attractively poised for continued success in this burgeoning industry.