A Canadian firm confirmed on Tuesday that it has taken over a Maltese pharma company which it plans to turn into a hub for the production and distribution of oil-based medical cannabis products to the emerging European medical cannabis market.

Nuuvera's CEO, Lorne Abony said the company has taken over ASG Pharma for a five million euro project. 

READ: Three medical marijuana companies get letter of intent

He said his company wants to create a centre of excellence in Malta for the production and distribution of pharmaceutical grade cannabis products. To that end, ASG Pharma will adhere to the highest international standards for processing and extraction, distribution and security protocols."

The company does not intend to grow cannabis in Malta.

Antonio Costanzo, Nuuvera's Head of International Development, said the ASG Pharma acquisition is one in a series of deals which will continue to increase Nuuvera's global footprint in the medical cannabis industry.

"We will continue to build on our strong Canadian base with strategic international operations and partners in order to provide the consumer with the highest quality medical cannabis at a competitive price." 

Nuuvera, a global cannabis company, is currently working with partners in Germany, Israel and Italy, and is exploring opportunities in several other countries, to develop commercial production and global distribution of medical grade cannabis in legalised markets. 

 

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