Medical cannabis company Panaxia completes €6 million investment, plans further expansion

Israeli medical cannabis company Panaxia has completed a €6 million investment in its Malta plant at Ħal Far and plans further expansion.

During a visit to the plant on Friday, Enterprise Minister Miriam Dalli said after obtaining its GMP licence, Panaxia plans to further expand its domestic production, therefore increasing its capital investment. 

Good manufacturing practice (GMP) describes the minimum standard that a medicines manufacturer must meet in their production processes.

Panxia completed its first phase of investment and will be exporting its first products to Germany in the coming weeks. 

“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,” Dalli said. 

She said that Panaxia produces more than 60 pharmaceutical products, mainly based on cannabis plant extracts, treating conditions like depression, anxiety and nausea. 

Apart from the Malta plant, Panaxia operates from locations within the United States, Canada and South Africa while also being in the process to register products in Portugal, Greece, Poland and Brazil amongst others.  

Dadi Segal, 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's Maltese products are aimed for both Europe and Latin American markets. The Malta facility will diversify into an array of products ranging from production of tablets, oil and extract production, as well as clinical trials, stability experiments and research and development.