Malta announced its plans to gain footing in the pot industry and is aiming to ship out about $1.4 billion worth of medical cannabis products by 2023.
At the tail end of his visit to Canada and the U.S., Maltese Prime Minister Joseph Muscat told Television Malta (TVM), “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 added.
TVM reports Muscat is confident Canadian companies will invest in the country’s efforts — 20 other companies already have a letter of intent from Malta Enterprise, the medical marijuana regulator in Malta, to work in the Mediterranean archipelago.
Malta’s Prime Minister Joseph Muscat addresses the 74th session of the United Nations General Assembly at U.N. headquarters in New York, on Sept. 26, 2019. Eduardo Munoz / Reuters
Muscat hopes the move will spur stronger economic ties with North America. “The strongest interest we found in New York was in the financial services sector,” he said.
“Here in Canada the interest is in medical cannabis while in the U.S., it is in blockchain.”
Muscat will be finalizing the country’s budget this week.