MGC Pharmaceuticals (ASX:MXC) says the legalization of medicinal cannabis in Malta means it can obtain a formal contract for the production and cultivation of the plant.
The medicinal cannabis company says Malta provides the ideal location for manufacturing the drug due to its climate.
MGC Pharmaceuticals expects to have formal agreements from the Malta Medicine Authority signed in the coming weeks.
The company says Malta serves as the perfect location to serve the growing European market.
Shares in MGC Pharma (ASX:MXC) are trading 4.35 higher to 7 cents.