The Maricann Group (CSE: MARI) (OTCQB:MRRCF), a publicly traded cannabis company with operations in Canada and Germany, announced this morning that their application to for a cannabis manufacturing license in Malta has officially been approved.
The newly obtained license will allow The Maricann Group to import raw cannabis biomass into the country. From there the company plans to extract cannabis oil distillates, or better known as concentrates, that can be utilized to manufacture a number of different products.
Cannabis distillates can be produced into finished goods such as sublingual tinctures, topical’s, or concentrates such as shatter that can be inhaled. These products are extremely potent and their purity is far superior than that to dried cannabis.
The Maricann Group has received an initial 2,750 square metres of industrial space that the company will be investing a total of €9.5 million into the development of a state-of-the-art facility to produce these products to sell in Malta.
The company currently sells at $1.55 a share and has a market cap of $206 million dollars.
“Maricann continues its path of organic growth and value acquisitions throughout the European Union, accessing key markets for differentiated products through Malta. We will continue to implement our template for success across Europe, as we expand from operations in Germany, Switzerland and Malta to new markets,” said CEO, Ben Ward, in the press release.