Israeli medical cannabis company Panaxia has completed a $6.1 million investment in its Malta facility at the Ħal Far industrial park and plans further expansion.
The company will be exporting its first products to Germany in the coming weeks. The announcement came after the company obtained its GMP (good manufacturing practice) license, the minimum standard that a medicines manufacturer must meet in their production processes.
Panaxia produces more than 60 pharmaceutical products, mainly based on cannabis plant extracts, treating conditions such as nausea, anxiety, and depression.
“Today Panaxia is only marking the start of its actual production, but it is already planning an expansion in its facilities. This is another milestone reached for our medical cannabis industry – an industry which further enriches our wider pharmaceutical sector,” said Miriam Dalli, the Maltese Enterprise Minister.
Panaxia’s Maltese products are aimed for both Europe and Latin American markets. The Malta facility will diversify into an array of products ranging from the production of tablets, oil and extract production, as well as clinical trials, stability experiments and research and development.
The Israeli firm already operates from locations within the United States, Canada and South Africa, and is in the process of registering products in Portugal, Greece, Poland and Brazil amongst others.
Panaxia’s latest developments include medical cannabis fast-melting tablets, and a purified extract for inhalation (using a vaporizer), providing more accurate and consistent dosage, and allowing safer medical cannabis administration that is superior to smoking.
Dadi Segal, the CEO of Panaxia, said that the life and welfare of many patients had improved, thanks to cannabis extracts. “We believe it has the same properties as any other medicine, however it has to be administered safely, with an exact and repeatable dose and not smoked. Data derived from clinical trials should provide doctors with enough confidence to prescribe it to their patients.”
Panaxia was founded in 2009, and is headquartered in Lod, Israel.